Emergent Technologys gold supply chain ecosystem receives Shariah-compliance

Wednesday 23 January 2019 10:18 CET | News

The Responsible Gold Ecosystem, a gold supply chain ecosystem developed by Emergent Technology, has received Shariah-compliance certification.

The blockchain-based platform comprises the Responsible Gold Supply Chain Application (RG SCA), which automates the tracking of responsibly sourced gold from mine, to refinery, vault, and G-Coin tokens, which are digital certificates of title to responsibly sourced gold.

The Shariah Supervisory Board of Amanie Advisors found that the RG SCA and G-Coin tokens exceed Shariah requirements on transparency and ethical trading.

EmTech’s RG SCA is in operation in multiple gold corridors. Using a mobile application, supply chain participants scan tamper-proof cryptographic seals attached to gold to create immutable provenance and custody records. Data is recorded instantly on EmTech’s blockchain, providing irrefutable assurance that gold has been produced ethically and in adherence with the highest industry standards.

Once a kilobar is produced, EmTech’s imaging technology uses artificial intelligence to validate a bar’s authenticity. A portion of the gold tracked by the RG SCA is digitized into secure G-Coin tokens, which can be bought as an investment, moved to transfer wealth or used to make payments. G-Coin tokens are redeemable for their underlying, responsibly sourced physical gold.

EmTechs RG SCA is available for licensing and G-Coin tokens will be available for purchase later in 2019.

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Keywords: Emergent Technology, Responsible Gold Ecosystem, RG SCA, Gcoin, G coin, tokens, blockchain, Shariah compliance, AI, digital certificates
Countries: World