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IAMGOLD invests in blockchain technology for tracking responsibly sourced gold

IAMGOLD Corp. said Oct. 17 that it joined Sprott Inc., Valcambi SA and Yamana Gold Inc. in making a strategic investment in Emergent Technology Holdings LP, a financial technology company that uses blockchain technology to track the origin of responsibly sourced gold.

Emergent claims its supply chain application is the only blockchain solution that automates tracking responsibly sourced gold from origin to vault and said it reduces the operational expenses associated with gold tracking and trading and improves security and transparency compared to traditional supply chain and trading platforms.

This gold is digitized into tokens, which are digital certificates of title to the gold. The tokens can be bought as investments, moved easily to transfer wealth or make payments, and are redeemable for physical gold.

Emergent Managing Director Matthew Keen said, "Investors and fabricators are increasingly demanding ethically sourced gold from miners and refiners. Our proprietary block chain technology supports their efforts by providing an immutable and irrefutable record of provenance and chain of custody."

IAMGOLD views the investment as an opportunity "to drive profitability while remaining committed to the mining of responsible gold." Financial details were not disclosed.