Why Blockchain Makes Sense for Precious Metal Mining
Updated: Apr 30
Tracking down where everything we buy, especially in a world where same-day delivery has become more of a concern than who is selling us the products we buy, can be a difficult, if not impossible, task. It’s not that we don’t want to know or aren’t aware of dirty practices in various industries.
But just as reading every term of service you agree to would take you more hours than the average human lifespan, the same can be said about sourcing every part of your product’s journey from conception to production to purchase.
Blockchain can offer instant transparency and tracking capabilities. Understanding how blockchain technology can have an immediate impact on the precious metals mining industry is seen through blockchain’s abilities to provide new levels of responsibility, security, and scalability.
There’s no way to hide the fact that doing business on a global scale can be tricky, especially with the amount of record-keeping required. None of this is a bad thing, but there’s no real efficiency to the cumbersome processes of external audits, where large amounts of time and money are spent just tracking down information.
Blockchain will make coordinating all these efforts seamless, reliable and more efficient through the end-to-end transparency that Karuschain can provide. Once the information is stored, it cannot be lost, changed, or stolen. The whole supply chain cleans up, becoming a distributed data storage system that will open the doors to opportunities upstream and downstream to improve and revolutionize how the precious metals mining industry works.
Blockchains have many innate layers of protection for the data stored on their distributed ledgers. This means that as soon as information is stored on the ledger, it becomes virtually unhackable and more secure than any technology currently being used in the industry.
Security, however, does not just mean that your data is safe and unchangeable. Users of the Karuschain platform will also have complete control over the supply chain data they wish to share. This allows them to keep proprietary data private, so that only those granted access to the blockchain can view the specific data points.
Blockchain should not be viewed as merely a niche solution for individual tasks in the precious metals industry. Instead, it’s a revolutionary technology that has the ability to create a more straightforward, transparent and efficient way of conducting business on a global scale.
The team at Karuschain believes that blockchain technology has the ability to scale for the long-term success of its users. The team sees the potential for this to become the supply chain compliance rails for the entire precious metals industry. The platform architecture is robust and can scale quickly as new industry participants join in, thus eliminating any worries of it not adapting to any future industry changes.
Blockchain is coming closer and closer to being the solution for the additional tracking and transparency we require. There’s no better industry to see this revolution of transparency than in the precious metals mining industry.
As the demand for clean mining becomes more widespread, from both a consumer and a legislative perspective, the industry and its many participants will have to adopt revolutionary solutions that can add considerable value without disrupting their existing technical infrastructure.
Karuschain believes that blockchain is the foundation for those changes to come.