Using Blockchain to Mine for Precious Metals

The ways people invest are changing. This is the result of a number of factors from diversification of investment tools to changing demands for goods and services as well as advancements in technology. Precious metals have long been seen as a solid investment tool. But the 21st century has brought about new ones, including cryptocurrencies, which many investors see as the future. The technology behind cryptocurrencies, blockchain, is making its way into countless sectors. Precious metals can also benefit from the application of blockchain.

Blockchain itself can be seen as a security solution that is able to improve safety as well as results. The dangers faced in the mining process can be lessened with the use of a technology that keeps track of the whole process in a way that is designed to optimize things. What’s more, the transparency that it provides goes a step further in providing transparency to boost investment in the sector.

Diamond miner De Beers Group is striving to incorporate blockchain technology to track its gemstones. This can all be used to enhance business and also provide investors with tools to more completely understand what it is that they are investing in. We live in a time in which people want more transparency and this is exactly what blockchain is able to provide.

The biggest difference between mining precious metals and mining cryptocurrencies is that precious metals have been invested in for years but it has been a while since investors have seen meaningful returns whereas cryptocurrencies are new and there are a lot of uncertainties.

It is possible that blockchain itself has damaged investment in jewelry and art, but some experts feel that when a cryptocurrency is backed by something with inherent value (like gold), will be more solid.

This is exactly what Innovative Minerals understands. This blockchain gold mining project uses the technology for the mining process and offers investors a cryptocurrency that is backed by the gold that it mines! To find out more about this project, go to www.innovative-minerals.io.

Sources: Blockchain Investing News, Business Day, New Currency Frontier, CryptoDaily