PAMP Case Study
PAMP uses our MIMOSI blockchain to instantly show customers its gold supply chains. Watch now.
How the gold industry is addressing its traceability technology gap
We have reached an evolutionary tipping point in supply chain management where progressive sustainability policies may be executed comprehensively using blockchain technology. The complexity of the issues, such as conflict financing, human rights abuses, and environmental risks, in today’s global supply chains makes risk management imperative. It is no longer possible to stand at the top of the mountain surveying the land below. Effective supply chain management (SCM) today requires risk management systems that are deeply integrated with process.
As it stands, companies are dealing with opaque supply chains, with only an average of 6 per cent reporting insight into all tiers of the sustainability performance of their inbound supply chains. This has made it difficult for even the most progressive companies committed to responsible sourcing to achieve the full potential of their corporate social responsibility goals. What is standing in their way? Until now, a lack of tools required to provide controls, and reliance on outdated and siloed systems for risk management. Blockchain traceability provides for important new risk controls and risk management tools: insight into provenance and handling of source materials to industry stakeholders, immutability of reconciled trace transactions, and an intuitive and consistent data view for all stakeholders.
PAMP, a leading Swiss gold refiner and global bullion brand as well as a trusted refiner and fabricator of precious metals, is revolutionizing transparency and responsible sourcing in the precious metals markets by using blockchain to assure provenance and a level of due diligence transparency that was not previously possible. Peer Ledger’s MIMOSI Connect is the game-changing blockchain tool that PAMP leverages in its technological toolkit.
VERISCAN and MIMOSI Connect
PAMP is using MIMOSI Connect in production to track gold from source to customer. The company immutably records the receipt and transformation of gold dore to produce gold kilobars with provenance. Using the VERISCAN iPhone app, the customer can easily visualize a precious metal supply chain that spans several continents.
Why MIMOSI Connect?
PAMP chose MIMOSI Connect for its rich and flexible traceability functionality and its 100% compliance with the Responsible Minerals Initiative latest draft specifications for blockchain traceability systems. The draft guidelines set forth very specific parameters around what types of information and transactions for stakeholders to adhere to for blockchain traceability and interoperability.
What sets MIMOSI Connect apart is its uniquely flexible design to track any type of material with due diligence information associated with it, e.g. gold, food, steel, wool, leather, etc, including combinations of materials and their transformations at LOW COSTS. MIMOSI Connect has the ability to back the various accounting models In which track and trace is situated. In the precious metals industry, MIMOSI traces are integrated with PAMP’s bullion authentication technology, VERISCAN.
MIMOSI Connect provides 5 distinct services:
Enabling companies to track and trace across tiers of suppliers.
Providing employees with the ability to visualize dependencies in a supply chain in seconds.
Empowering employees to act to manage risk as in issuing a speedy, comprehensive recall of defective or contaminated materials.
Allowing auditors or other third parties to upload verifications or certifications for responsible sourcing claims.
Enabling various companies to market collaboratively to give customers visibility into an entire supply chain.
A Gold Bullion trace as seen from the VERISCAN IPhone app.
Using the Veriscan IPhone app, a major bank customer easily visualizes a gold supply chain that spans three continents.
The Immutable Truth
Blockchain traceability platforms reward patient stakeholders by creating transparency for users, helping to cement sustainable practices, and allowing companies who have long desired to execute fully on the OECD Due Diligence guidelines, to do just that.