InnovaMinex: Tracing Precious Metals with Blockchain Technology
Precious metals have been an integral part of the world economy for thousands of years. Gold, for instance, is still one of the most stable investments and has provided far better liquidity compared to other assets such as real estate. Investors also tend to gravitate towards the asset class in times of general economic turmoil as they maintain their value significantly better than equity. As such, gold and other metals are the best hedge against inflation since they do not depreciate in value as much.
The process of extracting these metals, however, is not a trivial task. As a result, certain mining organizations have resorted to extracting precious metals without considering the legal and environmental implications of their actions.
The company’s innovative business model revolves around ensuring the traceability of precious metals such as gold and silver. The company has planned seven mining projects so far, which are scheduled to begin operating in the coming years. InnovaMinex controls the entire process of precious metal extraction and can certify the origin, processing, and delivery of each metal.
According to InnovaMinex , the use of blockchain technology to guarantee accountability in the precious industry is unprecedented. From the project white paper, buyers of products will be able to “verify the origin of the metal they have acquired, ensuring that the extraction is legal, that the environment has been protected at all times, or that it cannot be used for money laundering, since all transactions are registered and the whole community has access to them.”
Once the gold or silver ore has been mined by InnovaMinex , it will be passed on to the refinery, where the raw product will be converted into commercial products that can be sold to an end user. The company will carry out smelting, analysis, refining and granulation procedures, among others. InnovaMinex will also offer cryptocurrency casts made out of metals and alloys in various shapes and sizes.
InnovaMinex will also manage an e-commerce division that will give customers and businesses the ability to purchase precious metals over the internet. The platform will utilize the INX digital token, which has been built specifically around the InnovaMinex platform. The INX blockchain can also be used to ensure transparency of transactions and the ownership of a particular metal.
In spite of the cryptocurrency market’s lackluster performance throughout 2018, InnovaMinex has attracted private investment worth over $2,000,000 so far. Individuals looking to participate in the ongoing token sale will receive a 24 percent discount until December 24, 2018.
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