Goldchain LLC, a blockchain-based company, releases its first precious metals project, TruGold*, on their proprietary platform. Goldchain is an electronic distribution system that tokenizes precious metals, mining production, and physical coins. Through their mining and private mint partnerships, Goldchain uses the EOS blockchain to record provenance and issue blockchain tokens correlated to the physical metals.
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TruGold, a cryptographically-secured, gold-backed token solves traditional supply chain issues, virtually eliminating the weak links in the process. Throughout history, gold has played a role in the international monetary system. Currently, gold has many applications in industrial and commercial products.
In the current phase of the project, as gold is procured, Goldchain and its minting partner will process the first products as the first release. Provenance and origin from the minting partner will be recorded on the EOS blockchain and Goldchain will use this relationship as a proof of concept for the larger network with its mining partners.
Goldchain, in collaboration with their mining partners, will implement real-time tracking during the processing of materials from the mine. This will include recordkeeping on the EOS blockchain. This process allows materials to be tracked through multiple supply chain checkpoints.
As Goldchain uses the blockchain to record important processes throughout the mining site, precious metals and other materials will be tokenized as lots are recorded on chain. TruGold and other branded tokens will be issued for the circulating supply of the materials that are extracted immediately following their transactional record. These tokenized materials will remain tokenized while they are further processed through the smelting and minting process that is secured by Goldchain. The materials will remain tokenized until they are sold to customers as real tangible assets. Not only will the EOS blockchain be used to keep important provenance records, but tokens will also be issued as a representation of the material.
Be a part of the growing decentralized web movement of tokenization. Watch for the articles released over the next several weeks that outline concepts from the Goldchain white paper.
Visit their website at https://www.goldchaincrypto.io
*At this time, TruGold does not have an associated ICO, STO, TSO or Airdrop.
For more info contact support@goldchaincrypto.io and follow Goldchain on the channels below.
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