For the precious metal mining industry, which has been fighting illegal mining methods for many years, the use of blockchain can be a turning point.
Blockchain technology will help make the gold mining process more transparent and accessible to the General public. The goal of using the new technology is to increase the transparency of all transactions and ensure full traceability of metals.
Blockchain is a digital registry that is distributed, decentralized, verifiable, and unchangeable. It can be used to record transactions of almost any value. In fact, it is a shared database that everyone can see and update. The system provides many advantages for supply chains, including a high level of transparency. This is because everyone can view and check the registry, but no one can change or delete entries from it.
Consumers will be able to track all transactions, and in the future — to track the origin of the metal. It will be easy to find out whether a product, such as precious metals, is of high quality and legal.
