How Blockchain is Revolutionizing the Gold Mining Industry

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The revolutionary technology of cryptocurrency has provided both security and transparency to the benefit of a number of causes across the globe, especially where the infrastructure to provide equity is lacking. Its utility across government, finance, insurance, and personal identity security has created a market for blockchain technical services predicted to hit annual spending of USD 20 billion by corporations by 2025.

Tech giants such as IBM have invested significant amounts of funds into the technology, more than USD 200 million in research, and over 90% of European and US banks have been investigating blockchain options. Although blockchain has only taken the world by storm over the past few years, the technology is already on its way to becoming a legitimate disruptor in a slew of different industries. 

What makes blockchain technology so revolutionary is that anything of value can be tracked and traded on its network, reducing risk and cutting costs for all involved. Through its shared, immutable ledger, blockchain technology can facilitate a process of recording transactions and tracking assets across a network, whether an asset is tangible—like a house, car, cash, or land—or intangible, for example, intellectual property, patents, copyrights, or branding.

One field in particular that blockchain has the potential to create large-scale change in is gold mining. While gold has historically been used as a hedge against inflation and remains a low-risk investment, the asset is proving problematic in today’s climate of increased environmental consciousness. To mine gold primarily for the purpose of trading (much of