Yamana Gold utilises blockchain technology to monitor responsible gold supply chain

By Dale Benton
Share
A leading developer of innovative technology solutions to enable and elevate global commerce in emerging markets has entered the mining industry with bl...

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."

 

Related stories:

IoT and data analytics: the mining of tomorrow

Apple, Microsoft and Huawei must do more for conflict free supply chains, report finds

Bisie Tin project targets conflict-free tin supply by 2019

Canada accepts first export of conflict free artisanal gold from Eastern Congo

Responsible and conflict-free artisanal gold supply chain in Eastern Congo

 

"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.

Responsible Gold

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.”

Share

Featured Articles

This Week's Top Five Stories in Supply Chain

Supply Chain Digital looks back on five of the biggest stories we've covered this week, featuring the likes of Blue Yonder, GXO, Gartner and Unilever

Inside Exotec's Grand Next Gen Skypod Unveiling

Exotec launches the Next Generation Skypod, enhancing warehouse efficiency with improved storage density, higher throughput and integrated logistics

The Panama Canal and its Crucial Role in the EV Supply Chain

Supply Chain Digital examines the Panama Canal's vital role in the EV supply chain amid geopolitical tension and global trade volatility

Q&A: JP Lauer at GEP Europe Tour 2025, Amsterdam

Procurement

Blue Yonder: Optimising Cold Chain Operations for RealCold

Operations

This Week's Top Five Stories in Supply Chain

Digital Supply Chain