Yamana Gold utilises blockchain technology to monitor responsible gold supply chain
A leading developer of innovative technology solutions to enable and elevate global commerce in emerging markets has entered the mining industry with blockchain.
Emergent Technology Holdings announced this week that it has entered into it’s first industry partnership with Yamana Gold to provide innovative blockchain technology in order to successfully and accurately monitor the gold/mineral supply chain.
The company will implement its Responsible Gold blockchain solution to track responsibly sourced gold from its origin, right through to vault. Yamana will utilise the technology in a bid to simplify and automate supply chain traceability of conflict-free gold that is delivered to refineries.
"Yamana is committed to mining metals ethically and responsibly. One element of this is our commitment that all of our gold can be verified as conflict free," said Peter Marrone, Yamana's Chairman and Chief Executive Officer. "While our conformance with the Conflict-free Gold Standard is independently attested to each year, we see significant efficiencies, value and potential for greater assurance by tracking title and provenance of gold on a blockchain data network throughout the gold value-chain. We began working with Emergent in early 2016 and the platform they have developed proves provenance, assuring buyers and investors that the gold they buy is from responsible sources. A digitized supply chain process will improve efficiency and transparency."
"We are delighted to be working with Yamana on this initiative," said Emergent's Chief Administrative Officer, Andrew Parsons. "We have created a connected record across each stage of the supply chain that is immutable, irrefutable, auditable and transparent.
"Our platform was developed by the world's top minds in blockchain technology and delivers absolute confidence that all the gold in our ecosystem is 100 percent responsibly sourced. Financial institutions, corporations, jewellers and individual investors are all set to gain as we drive demand for conflict-free gold," said Parsons.
Emergent Technology’s blockchain solution is the Responsible Gold supply chain platform that uses blockchain technology to track gold from miner, to refiner, to vault.
It “irrefutably” ensures the provenance of gold.
“We have identified the core risks and key controls to ensure all gold in our ecosystem is conflict-free and responsibly-sourced - a new vehicle for ethical investment.”
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