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Newmont Mining Corporation – the world’s second largest bullion producer in 2017, has announced plans to trial blockchain technology this year, as a way to confirm ethical and sustainable gold production.

The Colorado-based mining company is about to become the world’s largest bullion producer this year. The company is already halfway there, after boosting its 2018 capital budget by $300 million, to $1.2-$1.3 billion, and approving a power project at an Australian mine and expansion of a joint venture mine in Nevada. Chief Executive Gary Goldberg said the company wants to trial the Blockchain technology:

“We definitely want to be involved in it, we think it’s a good thing for the gold industry overall,” Goldberg said. The company also hope to increase labor and environmental standards with the help of the Blockchain. Gold-producers are often faced with the charge of bad working conditions an pollution.

Newmont, which operates mines in the United States, Australia, Peru, Suriname, and Ghana, forecasts annual gold production of 4.9-5.4 million ounces in the next two years. The company also produces several other metals such as copper.

(CF ed.)

 

If the new federal government in Germany would be formed, then - according to the closed coalition agreement between CDU/CSU and SPD the blockchain technology will be a part of it. However, the coalition, which would last until 2021, treats the topic quite vague – because of this leading experts warn that Germany could lose connection to the rest of Europe in terms of Blockchain. Another problem is that many German politicians seem to have lack of detailed knowledge about this new technology – revealed recently by a parliamentary inquiry of the FDP on the Blockchain-topic. Although the German capital Berlin has got an expending Blockchain start-up scene, many companies have their headquarters not in Germany, but in Switzerland, London and Gibraltar (although the British will leave the EU soon!) – for legal reasons and of course wherever they would find better circumstances for their businesses. Therefore the danger is great that added value in Germany could be lost if politics does not act soon.

Furthermore the Blockchain is also mentioned in the ÖVP-FPÖ government pact in Austria as part of a digitization focus.

 

A.P. Møller-Maersk and IBM are forming a joint venture to test the blockchain in the cargo industry - in order to accelerate trading processes and also to make them cheaper. 80% of everyday goods are transported via ship freight but one fifth of the total transport costs are created by the large number of documents and middlemen - with the same potential to reduce expenditures, which should also benefit customers. Manufacturers, shipping and transport companies, ports, terminals and customs authorities should therefore be brought together in order to enable a common and unchangeable recording of all data in the blockchain system. At this joint venture, Maersk and IBM are currently focusing on providing real-time information to all parties and to digitize customs clearance. IBM is also working together with several banks on the Blockchain based "Batavia" platform to finance trading of commodities, in which the Austrian “Erste Group” is also participating.

 

The governeur of the Austrian Federal Reserve Bank Ewald Nowotny gave an interview on Feb 10th at “ORF Pressestunde” about current stock market as well crypto currencies fluctuations. He reacted calmly, stating that these fluctuations are somewhat a return back to normal as the leading indices have risen sharply during the last two years. As many other bankers Mr. Nowotny has got a critical attitude towards the Krypto-currencies, but he also belives in the great potential of the Blockchain technology for the banking sector and is already been used for it.

 

Canada will show the rest of the world how to make good use of the blockchain with several examples. F.e. the national research council makes the granting of subsidies more transparent with the help of the Ethereum Blockchain - the North American country also hopes to improve the identity verification of airline passengers through the Blockchain technology. For this purpose it has joined a program in which the World Economic Forum (WEF), the consulting company “Accenture” and the government of the Netherlands cooperate. The targeted identification of travelers via blockchain should allow governments to carry out risk assessments and security procedures on travelers before the security check, thereby reducing border crossing issues.

Also, one of Canada's largest pension funds “OMERS” also recently has established a fund focused on the crypto money Ethereum. The company „Ethereum Capital“ therefore plans to invest $ 50 million into this ecosystem.

 

Austria's capital is just becoming an European blockchain hotspot. Now the power supplier "Wien Energie" tests the new technology in the urban development area "Viertel Zwei" in Wien-Leopoldstadt. Energy flat (and other) rates and online services will be tested. In cooperation with the company "Riddle & Code", the use of the Blockchain will also be examined - it will be determined which business models and services could finally be created for the customer. The blockchain allows a more precise management of power consumption, because a precise household profile can be created which shows what devices unnecessarily consume electricity at a certain time. This shows an enormous saving potential for the customer as well as the possibility for the producer for a more precise plan of the power supply than ever before. In addition, a kind of symbiosis between electricity producer and consumer could be established because for example if public charging stations are overused, private stations could be used in addition to recharge e-vehicles if customers would have a certain agreement with “Wien-Energie”. Also, the charging can be automatically postponed to a time at which the electricity is cheaper for the customer. Particularly interesting for Austria - the Blockchain technology guarantees supply of green energy without nuclear power.

 

 

Crypto Future GmbH
DC Tower, 28th floor,
Donau-City-Street 7
1220 Vienna, Austria

  • Phone: +43 1 376 50 50
  • E-Mail: office(at)cryptofuture.com

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