Emergent Technology (EmTech) Uses Blockchain for Gold Tracking and G-Coin Crypto Token
EmTech Finally Brings Gold to the Blockchain Technology
The Emergent Technology Holdings LP, which is also referred to as EmTech, has just created a platform for a blockchain powered supply chain that is able to track Gold, this is straight from the mine to the storage facility. This is not all as the company has gone ahead to develop a digital currency which they have called the G-Coin, which will be backed by the gold.
There is Gold on the Blockchain Technology
The blockchain powered company, EmTech, has a gold supply chain platform, which is a Responsible Gold Supply Chain tracks, one which responsibly sources gold that comes from the miner straight to the refiner and into the vault.
As it was reported by PYMNTS, the company is targeting to transform the current process in the gold supply chain. To ensure that only the mined gold is in conformance to the current industry, legal and human rights plus the environment.
According to the official site of the company, they have been able to identify the risk and from this implement the necessary controls needed to ensure all the gold that on the blockchain technology is conflict free. As a result, this should be able to offer clients a new kind of vehicle when it comes to ethical investments.
Mitch Davis who is the chief commercial officer went ahead to say that there is a lot of players who are participating in the gold supply chain, and from this, you need to be in a position to provide buyers. It is whether they will be institutions, individuals, manufacturers or just investors. All this with the guarantee that the gold is responsibly sourced.
With the supply chain that is being designed by the company, the processed gold will be easily tracked with the use of the cryptographic seal. With the seals, they will be scanned using an Android device that will be able to create a public and private key. Then the keys will be easily added to the immutable and the fully auditable blockchain.
The company’s solution has been designed as a two-part system that consists of the Responsible Gold Supply Chain Platform together with the G-Coin.
The G-Coin has been designed as a digital token that will be able to represent the gold that is present in EmTech’s ecosystem. The digital token will be able to serve like a certificate of title for the physical gold that has been acquired. The company has also gone ahead to partner with some of the key industry players; this is the likes of Yamana Gold, Asahi Refining and Valcambi Sa.
All who will be able to structure the current G-Coin tokens to ensure that the value of each coin has been made equivalent to a gram of gold.
The Blockchain Companies that are in The Gold Market
With the developments that have been taking place, EmTech is in fact not the only technology provider that has gotten into the gold market. As it was reported by Bloomberg back in March that the TradeWind Markets Inc. had gone ahead to launch a digital trading plus a settlement platform that they called the VaultChain.
A platform that was designed to simply trade the precious metal and be in a position to minimize the transaction costs.
The company is New York based, and it strongly believes that the idea of digitizing the gold trade will help in reducing the transactions costs; as a result, this will help in creating more liquidity within the market.
The Blockchain Technology is Powering the Real World Utilities
The blockchain technology has been synonymous for a very long time; this is with the crypto coins such as bitcoin. The crypto coins or just the digital currencies are just some of the very many applications that you find in the blockchain technology.
The blockchain enthusiasts in the market strongly believe that the technological advancements taking place will revolutionize the way businesses are conducted. As a result, this should be able to create better efficiency and be able to reduce security breaches and manipulation taking place.