Precious metals such as gold and silver are very scarce and have very high liquidity. The demand and value for precious metals have been around for centuries now.
Among all precious metals, gold and silver are the most popular and widely used ones. Every year thousands of tons of gold and silver are mined and turned into different kind of products.
Apart from the pricing, one major concern that revolves around precious metals is the way their mining impact the environment and surroundings. Moreover, the exploitation of miners is also a familiar scene. Even though there are green mining laws and guidelines in place in most countries to take care of these issues, there is no guarantee on whether mining corporations follow these guidelines.
This is where the InnovaMinex platform kicks in.
What is InnovaMinex?
InnovaMinex is a blockchain-backed business model that aims to provide assurance to consumers that the precious metals they purchase are 100% legal and genuine. Also, consumers can be sure that the precious metals they possess have followed green mining guidelines, thus having a reduced impact on the environment.
How Does InnovaMinex Work?
InnovaMinex will establish precious metal mines around the world, and all the data related to the mining and processing of precious metals from these plants will be stored in decentralized locations. This data will help consumers and government authorities in tracing the genuine precious metals from mining to finished product, and so, ensuring that all guidelines are followed.
The InnovaMinex project integrates 7 gold mines (just to start with), and the first is now in the phase of construction and assembly of the processing plant. The company will also own the first precious metals refinery in the world that accepts cryptocurrency, which will work not only with their own mines but also with third parties’.
Another line of its business will be to act as a wholesaler/retailer of precious metals with its own e-commerce platform. And, eventually, the company will run an ATM network to make sure that consumers have better access to cryptos and too precious metals through InnovaMinex.
Consumers can buy gold from within the InnovaMinex e-commerce platform and ATMs using the InnovaMinex (INX) tokens, and in this case, they will be able to buy gold and other precious metals at a lower price with respect to the market price. So, the tokens will ensure secure and quick transactions for consumers, and moreover, they will be widely used as a means of payment, due to the interest and demand for gold that already exists.
As InnovaMinex eliminates the need for third-party sellers and traders and owns the entire value chain up to the end customer (the mines, the refinery and the commercialization), they can offer better prices than anyone else.
As you probably would have heard by now, blockchain is a technology that can make positive impacts and transform almost any business and industry out there.
By introducing blockchain in the mining industry, InnovaMinex aims not only at improving the standard of the mined precious metals but also at reducing the impact of mining on the environment. Moreover, InnovaMinex also focuses on adhering to the working standards and safety of miners and related workers.