What is Clean Mining?
The industry of precious metals, as a whole, has reached an inflection point and it’s time for a change. Clean mining initiatives, including blockchain integration, have become critical first steps in that process. Nearly 70% of all gold is being refined in Switzerland, but it is not always clear where that gold was actually mined. The political winds in the sails of one country in such a global industry are not enough to change the direction of the fleet. Consumers are increasingly aware that wastewater mines produce can pollute rivers and streams and have adverse effects on aquatic life as well as the local villages . Workers, including children, laboring in unregulated mines is still a genuine issue in many places.
Clean mining involves technologies, practices, and mine processes that are implemented in order to reduce environmental and humanitarian impacts. This involves everything from the extraction and processing of metals and minerals to the shipment and selling of them. The three most important initiatives in revolutionizing mining in a clean and green way include:
Social Responsibility: Social Responsibility has to be the first consideration when talking about what it means to create clean mining practices. The Democratic Republic of the Congo is an area that is an excellent example of where the industry can do better in its production practices. It has been a massive supplier of precious metals for a long time now, and the local villages surrounding the mines began suffering from this. The mining facilities have exploited the areas and communities by trapping tens of thousands of people into a small space. If they want to leave, they have to pay armed guards a fee, all goods are heavily taxed and armed guards control the transport of all items. Undesirable social consequences include exploitation, forced prostitution, and child labor. Companies and consumers recognize the problems and are seeking solutions. It is imperative that we find tangible solutions to the unintended consequences of a global industry.
Eco-Friendly Practices: Environmental conditions change wildly with no input from human-created circumstances, so toss in giant precious metal refineries and equipment that has been only marginally improved within the last century into the mix and it is a recipe for disaster. Drainage, runoff, emissions — these all create toxic environmental conditions for the local villages, as well as causing harmful footprints on the larger scale around the globe. Companies like Eco Metals Recovery are leading the charge in this area with technology that is reducing the energy of the mining industry by incredible amounts with new equipment and methods. Choosing to develop plans that are chemical-free and adaptable help reduce water and electricity input which are significant costs, as well as reducing the environmental remediation cost and time, which creates a better bottom-line and incentive to implement change.
Tech Solutions: Blockchain is one of the most crucial technologies driving the clean mining initiatives in the precious metals industry at-large. Blockchain is providing the opportunity, for the first time, to create a genuinely transparent and responsible supply chain parameters that are secure, stable, and socially responsible. Blockchain technology is a system in which a record of transactions can be tracked across several computers, making the manipulation of records nearly impossible. The Karuschain platform is using this technology to provide a tracing and tracking solution for the precious metal industry. Enabling upstream producers to track precious metals as it travels upstream from its point of extraction, while also enabling tracing back, to the source of the precious metals. It finally sees end-to-end transparency in a supply chain that has never, in its history, been able to keep an honest accounting of its production pathways.
If you have ever seen NBC’s The Good Place, then you will be happy to read this, knowing that wracking up your points to do better with your purchases has been made a whole lot easier thanks to the want of consumers to know more, and the industries willingness to create these pathways for traceability, honesty, and integrity in the precious metals markets. Understanding the importance and overall benefits of revolutionizing the precious metals industries through clean initiatives is a welcomed change. Companies like Karuschain and its blockchain platform might be just one aspect of the bigger picture, but they are an infrastructure that is working on powering this clean mining journey from start to purchase.