At this point, we have seen blockchain technology being incorporated into a number of different things. The latest venture is to use blockchain to digitally encode the gold supply chain. Enter – Emergent Technology Holdings.
Emergent Technology Holdings: Gold Supply Chain to the Blockchain
It has been reported that the private United States-based company is looking to not only bring physical gold to the blockchain, but it will also be making sure that it is responsibly sourced.
Emergent Technology Holdings is a private, venture capital firm that operates under the leadership of CEO Thomas Harlan and President Kris Looney. Despite being headquartered in California, Emergent Technology has offices in Shanghai, Dubai, and Luxembourg. The financial technology company tends to invest primarily in life science, biotechnology, and alternative energy applications. It also prides itself on the fact that it sees “an opportunity to elevate global commerce in emerging markets using cutting edge technology.”
Now, the company has set its sights on blockchain technology. Specifically, bringing the gold supply chain to the blockchain. Emergent Technology Holdings has disclosed that it is planning to digitally encode the gold supply chain using blockchain in the first half of 2018. Pretty innovative, if you ask me. According to Mitchell Davis, the chief commercial officer of Emergent Technology, the firm will essentially be creating a digital token, one that is backed entirely by gold. Why? Emergent Technology hopes to offer a way to trade the precious metal with “greater liquidity.”
This will be an important moment in the blockchain sectors history if all goes well. Why? Because digitally recording every single stage of the gold supply chain will allow for the company to guarantee the source of each piece of gold. Things the blockchain will be looking for will be whether it is responsibly sourced and whether it is 99.99% pure. Emergent Technology Holdings is reportedly teaming up with Yamana Gold, a New York Stock Exchange-listed company, to produce “g-coins.” These coins will be backed fully by gold. Yamana Gold (NYSE:AUY) ended the trading day down nearly 3%.
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The Blockchain is a Hot Commodity
Of course, bringing gold’s supply to the blockchain is in its own category, but, it is not the first time a company, or country, for that matter, has used the technology to attract attention to what they’re doing. In fact, just yesterday, Google (NASDAQ:GOOGL) announced two new research initiatives, both of which are based on the use of blockchain technologies. Three days before that, Ireland’s Department of Finance disclosed that it wants to create a blockchain working group.
The Takeaway
What do you think of Emergent Technologies plans to bring the gold supply chain to the blockchain? Do you think everything will go smoothly and the encoding will take place in the first half of the year? Let me know below!
Featured Image: twitter
