GoldFinX blockchain aims to bring transparency to gold mining

blockchain

The GoldFinX blockchain aims to bring more transparency into the conventional gold mining operations using blockchain. The new solution will allow users to track gold right from the mining stage to the final destination in the supply chain. Hopefully, it will bring more clarity about ore mining – a process often viewed with skepticism.

As crypto industry battles with volatile price movements and looks to emerge from the ‘2018 crypto fiasco’, it is finding new friends in unlikely sectors. The importance of a viable, transparent tracking mechanism is the need of the hour in many industrial areas. Today, the viability of a crypto project, its real-world implications, and the ability to deliver long term returns are considered vital facets.

The GoldFinX blockchain builds on these principles and uses a scalable business mode. It aims to bring transparency to the gold mining market, attract the right retail and institutional investor, and bring about improvement in the quality of life.

The GoldFinX blockchain project promises real-world potential

The gold market is old as civilization itself. The global market cap touches trillions of dollars annually. The GoldFinX blockchain project targets this age-old industry with a conservative profits estimate of $15 billion in the first ten years of operation.

The GiX coin, supported by actual gold, will be first listed on Coinsbit starting 27 March 2020. Later on, the coin will be available on Simex and other P2P and B2B exchanges. The GoldFinX blockchain wants to bring back the trust factor that cryptocurrency projects lost in 2018. Conservative sectors, such as gold mining, are fast realizing the potential of blockchain. Even millennials are realizing the gold 2.0 as a viable investment.

Small mining firms often face issues like scalability, diminishing profits, labor shortages, stagnant productivity, and outdated equipment. Then there are other factors such as health concerns of workers, environmental impact, and government policies that complicate the matter. All these issues must be bought to the fore through transparent investor participation.

GoldFinX goes beyond just gold mining profits

The GoldFinX blockchain will help bring more investment into the mining realm by securing digital assets. Through digital asset trading, companies can secure their profit margins. This will enable them to improve working conditions, upgrade equipment, and protect the environment.

The investors can track gold at every stage. The legal status of ore mining can also be verified quickly. The project has the potential to significantly boost gold industrial productivity. A sum of 20 percent from a mine’s income will contribute to the GoldFinX’s profits. This business model brings real-world practicality to this crypto project.

Featured Image by Twenty20

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