Gold supply chain management system
Blockchain-based system for end-to-end tracking of gold
Blockchain solution enabling gold supply chain transparency and efficiency
This custom web & mobile application integrates with the Ethereum private blockchain network for managing gold bar production and delivery from end to end, controlling their quality and origin, and providing a complete history of evidence for the end client.
What’s more, the system has become a trustworthy source of consolidated data detailing the movements of every gold transaction for all supply chain participants, including any violations. The system verifies that gold mines have attained all the necessary certifications and comply with every regulation: CRAFT code, Market Entry Standard, Fairmined Standard, etc.
There are a vast number of companies that take part in the production and supply of gold all over the world (factories, refineries, jewelers, etc.). Until very recently, they have only been able to manage their particular part of the gold lifecycle without a consolidated view of the gold’s origin and the entire chain of movement.
Business challenges to overcome
Meeting compliance requirements is a challenging and complex task for gold mining and production companies as the process of collecting and presenting proofs of evidence often experiences delays and requires substantial financial investments to complete.
Blockchain-based solution for gold supply chain tracking
are in transit
to the vault
Technological challenges for Unicsoft team
Tracing something that is constantly changing
Ensuring system security
End-to-end gold bar tracking
In order to account for each piece of gold created within the gold production cycle, we applied a QR code to each gold ingot and every derivative of an individual ingot.
For this purpose, we developed a custom system for registering every operation and displacement of gold:
The logic of the ingot’s operations is programmed in the form of smart contracts, so their consistency can not be altered by anyone. This ensures trust and transparency for the entire supply chain.
Immutable data storage
Due to its integration with the Ethereum private blockchain network, the system can guarantee the storage and absolute security of all sensitive information from different companies about the movement of gold.
Since all transactions are recorded in blockchain nodes, it is impossible for hackers to alter data or “cheat” the system.
Strict continuity of supply chain flow
The system ensures a specific flow for the lifecycle of gold production and delivery statuses that are strictly defined in a smart contract. Thus the possibility of the flow being hacked or altered is all but eliminated.
Only after meeting every strict condition pertaining to the particular status of the gold supply chain are you allowed to execute the code using EVM (Ethereum Virtual Machine) and apply the next relevant status update.
IAM (Identity & access management)
The system features different levels of management and access for user roles to guarantee process security and eliminate unauthorized actions.
Superadmin (back-office role)
has the right to view the list of registered companies within the platform, manage them, create new companies, and perform similar actions with users
responsible for their company and has complete access for adding and reviewing the profiles of new users (account managers and site managers, except operators)
handles their company’s information and users, manages the company’s gold stocks: creates new gold bars in the system, initiates new deliveries, and tracks gold
can send and receive gold batches, verify gold parameters and waybills with the help of QR code scanning, reports cases of potential fraud using the mobile application and special form
The solution guarantees high reliability and integrity of data and supply chain cycle due to advanced security measures applied:
Encryption of all data and traffic
Limited access to confidential information (user-based access control)
Strict access control to the mobile app (operators use fingerprint, facial recognition, or ID to sign in)
User permissions can only be granted by a user with the authorized role (operator can only activate their account after the site manager grants their authorization, site manager initiates the creation of a new operator user, etc)
Physical verification of matching goods with their data in the blockchain by the operator (for comparison, similar solutions only provide formal tracking of deals on the document level)
Transparent management of shipments
In the Shipments section of the system, all supply chain members can track the status and check the details of each shipment:
- Type of gold bar;
- Name of the company;
- Status of delivery;
- Attached documents needed to verify the shipment: waybills, shipping documents, invoices, bar list, etc.
Through the system’s integration with a private blockchain network, each shipment receives its own unique hash so that the chain of custody for every shipment along with individual information for every gold bar can not be broken.
As a result of Unicsoft’s collaboration, our client now operates a reliable tracking system that allows for a deeper level of control over the gold’s origin including the entire chain of events, from the mine to the end customer.
From now on, the gold mining industry will leverage supply chain transparency via the tracking of each piece of gold electronically and consolidating data from different supply chain members in a highly secure manner.