Company sells first gold bar in Brazil with blockchain tracking
Technology is used to guarantee the origin of the ore and avoid connection with mining activities or environmental damage
The Brazilian company Fênix DTVM carried out the first sale of a gold bar in Brazil with full traceability through blockchain technology. The resource is used to record the step-by-step process of obtaining the ore, guaranteeing the origin of the product and avoiding connection with activities such as illegal mining or deforestation.
The project was a partnership with the Minespider blockchain and is a first step in integrating the technology into all supply chains of gold-related products that are already linked to the company’s digital infrastructure. According to Fênix, the goal is to have 100% traceability for all its suppliers and operations by the end of this year.
Blockchain is used for documentation, certification and traceability, helping with “business sustainability and social responsibility,” according to the company. Fênix’s director of operations, Pedro Eugênio Procópio, says that the company seeks to “show that it is possible to be a global aggregator of metals, promote the transmission of a positive culture of responsible origination and ensure that small and medium-sized Brazilian miners are respected in its gold production.
“Gold is a largely consumer-facing product — whether in jewelry or as an investment — and consumers deserve to know that their purchasing decisions do not negatively impact environmental health or human rights elsewhere,” said Minespider CEO Nathan Williams.
For him, the unprecedented application in the gold market in Brazil represents an “exemplary case of a company that purchases and centralizes gold that not only strives to operate with compliance, but also gives a history to its metals, evidencing its superior value to anonymous metals “.
Fênix intends to have new traceable gold bars starting in April. At the same time, it is now working on the second phase of the technology integration project, which will seek to register the entire chain of gold-related products that it exports.
