The first blockchain solution to track conflict-free gold from mine, to refiner, to vault.
Emergent Technology announced today it is releasing a groundbreaking blockchain platform.
The platform has two components:
1) The Responsible Gold™ supply chain - the only permissioned blockchain that tracks responsibly sourced gold from mine, to refiner, to vault
2) G-Coin™ – a new digital token backed by responsibly sourced, physical gold
“This has never been done for the gold supply chain. It is transformational,” said Emergent Technology Chief Commercial Officer, Mitch Davis. “Using blockchain technology, we are revolutionizing the way gold is tracked along the supply chain and providing 100 percent assurance on the provenance of gold.”
The company's blockchain went live in 2017. Miners, refiners and other supply chain participants use a mobile application that scans smart chips in tamper-proof seals to record transfer of custody and other data on the Responsible Gold blockchain.
G-Coins are digital tokens of responsibly sourced gold. Each G-Coin equals one gram of gold that is secured in a vault.
"G-Coins are digital representations of physical gold," said Davis. "You can be confident in G-Coin because each token is backed, one-to-one with physical gold, and we are using the most secure technology to do it. If you want to, you can redeem G-Coins for the supporting physical gold."
The first G-Coins were created in December 2017 and will be available for purchase and zero-cost domestic and cross-border transactions in the second quarter of 2018. Consumers and investors will be able to buy, sell and remit G-Coins on various exchanges globally.
"We have developed a platform that solves real world problems using the power of blockchain technology and without exposing owners to the underlying volatility of cryptocurrencies," said Abhishek Banerjee, Chief Technology Officer.
"Our team has achieved a number of blockchain firsts, starting with tying the physical world to the digital using immutable provenance tracking. We have a wide-scale permissioned blockchain data network with near-instant transaction speeds, proper key management security and smart contract audits, as well as comprehensive KYC/AML solutions," said Banerjee.
With a presence in more than 60 high-growth markets across Asia Pacific, Latin America, Africa and the Middle East, Emergent Technology has a first-hand understanding of how its solution can be of significant benefit.
"We are redefining the future of gold by making it an accessible investment and payment vehicle," said Banerjee. "A key focus for us has always been developing solutions to enable ecommerce across key regions. This will fast-track efforts to optimize the flow of funds and remittances in many of the currency corridors we operate in today."