How Blockchain Technology Revolutionizing the Gold Mining Industry

The technology of cryptocurrency is revolutionizing. It has provided both security and transparency along with numerous benefits, especially where the infrastructure provides the equity that is lacking. It can be utilized across insurance, finance, and personal identity. Security has created a big market for blockchain services. It has been predicted to hit the annual spending of nearly USD 20 billion by 2025. 

Tech giants like IBM have invested large amounts of funds in technology, up to USD 200 million in research, and more than 90% of US and European banks have invested in blockchain. Although blockchain has been taken by storm over the last few years. Technology is on the way to becoming a legitimate disruptor in a slew of industries.  

What Makes Blockchain Technology Revolutionary? 

Anything of the Blockchain value can be traded and tracked on its network, reducing risk and cutting the costs involved. Through its immutable and shared ledger, blockchain facilitates the process to record transactions and track assets across the network, whether the asset is tangible like the house, cash, car, or land, and may be intangible such as, intellectual property, copyrights, patents, or branding. 

Blockchain has the potential to create a large-scale change in the gold mining industry. While gold has been used as a hedge against inflation that remains at low risk of investment. The asset is proving today’s climate to increasing environmental consciousness. To mine, the gold for trading (that happens virtually without any distribution of gold’s physical allocations) takes an unnecessary environmental toll and exacerbates the effect of climate change. It is an issue that fintech, Nature’s Vault and Greentech companies are addressing with the help of blockchain technology in order to unlock the value of gold deposits and incentivize the avoided climate and environmental change with consequences of mining. 

The rights of first mining that Nature’s Vault acquired covers gold deposits across 400 acres of lakes and forest. These deposits are called “Pistol Lake” which holds an estimated 125,000 troy ounces of gold. The rights of patented mining are to deposits that have no expiry date. Thus, the environment is indefinitely protected by mining. The gold deposit is independently quantified based on the rigorous standard that is trusted and developed by many large and small investors to evaluate public mining companies. 

To fund the acquisition of mines and thereby scale environmental damage and mitigation of climate change, the tokenized gold trade as the Legacy Token with a public launch that is expected to take place in the Q4 of the year 2022. The project will have a minted supply of Legacy tokens of 500 million and that has been set aside 75 million tokens to the preserve-to-earn Prospector Staking Program. It includes different staking pools with rewards that are based on varying lock-up terms. Each staking pool will be capped at the rate of 33.3% of the total circulating supply that is retiring while supplying each pool that has been distributed.  

Ultimately, the vision of Nature’s Vault is to return the share of carbon offsets that are generated from avoiding mining to the holders of Legacy Token through staking airdrops and reward programs.  

This company is seeking approval from some relevant carbon registries in order to develop a new protocol. It will be incentivized to avoid the emission of greenhouse gas associated with the operation and development of the gold mine and the processing of ore. This protocol is expected to illustrate significant environmental benefits to avoiding mining beyond reducing carbon emissions, including clean water process and biodiversity preservation. 

As blockchain technology is taking the world by storm, and disrupting several industries in this modern world. It is one of the most recent gold mines. Associated projects like Nature’s Vault are continuing to push the envelope by harnessing blockchain technology in order to pioneer climate-conscious practices. Thus, assets like gold are preserved instead of mine.