Australia’s state-owned gold mine, Perth Mint, has already launched several blockchain projects. Now the existing partnership with Security Matters (SMX) is being deepened and a kind of gold blockchain is being developed with the help of the newly founded team called “The trueGold Consortium”.
The trueGold Consortium supports the development of the Gold Blockchain
The IT company, which is listed on the Australian Securities Exchange (ASX), launched the new consortium. A joint venture between Security Matters and a subsidiary of Perth Mint is established. The current funding is one million Australian dollars. The goal of the Gold Blockchain is to map the entire supply chain of the rare raw material. From mines and refineries to vault operators, depots, coin stores, wholesalers and retailers. Every interface that is affected in the entire supply chain of gold is tracked on a gold blockchain. This means that counterfeiting is actually impossible. The gold is also ESG compliant and a high level of corporate transparency is guaranteed. TrueGold should improve, supplement and promote the existing applications.
Perth Mint and her blockchain projects
Perth Mint is one of the largest and oldest precious metal refineries in the world. There has always been a lot of focus on transparency and trust towards the end customer. With the collaboration with Security Matters and their high level of technical understanding, blockchain technology can create a completely new quality standard for gold. With various blockchain projects, not only the falsifiability is taken into account. Environmental requirements in the respective countries are also checked. This means that the numerous companies involved in gold mining worldwide can completely voluntarily upgrade to better standards.