Timeline: 100 weeks Amount: 10,001 to 50,000
Business domains: Trading
Expertise: Blockchain, smart property & smart contracts
Technology and tools: Angular.JS, Python, Django, Blockchain API library 1.3.3 & 1.4.0, MLlib, pandas. Docker
The goal of the project was to create a supply chain transparency platform capable of tracking each piece of gold electronically and in a secure manner. At the time there already were similar successful cases in other industries, for example, jewellery and medical implant tracking, which were Blockchain based solutions, which gave us insight regarding the technical solution in this case.
The basic technical complexity was that existing platforms track the origin of one product, for example, an implant. With gold, it is more difficult – the mine produces large ingots of unrefined gold, further refineries clean it and one unrefined gold ingot produces several bars of a smaller size of high-grade gold, then other institutions can melt these slivers into smaller ones, so the original “product” is crushed into components and it is necessary to track the way of each component back to that big ingot from which it went. Thus, the ready solutions were inapplicable in this case.
The problem was solved by applying the QR code to each ingot and to the derivatives of ingots and creating a custom system for registering all operations of the type in blockage (ingot A was turned into ingots B, C, D by X LTD, ingot A itself no longer exists) and all displacements (ingot B is moved from companies X to company Y with the help of transport company Z).
The system is realized with the help of Ethereum, and the logic of operations with ingots is programmed in the form of smart contracts.
The MVP was approved by the National Mining Association and (most likely) will receive investments from this organization.