Ghana launch blockchain-based gold tracking system to combat illegal gold exports
The blockchain-based gold tracking system will give all records of Gold transactions in the blockchain ledger, making it traceable and accountable.
Temmy Samuel
Ghana launch blockchain-based gold tracking system to combat illegal gold exports
The Ghanaian government has introduced using of blockchain-backed gold tracking system to curb Gold smuggling in the country and bring transparency to the sector. The blockchain tracking system will every transaction in the gold supply chain, and bring the records into account. It's worth noting that Ghana usually lose an estimated $2 billion every year into Gold smuggling. This money can be used to boost public investments if it's acquired by government. Nevertheless, parliament has proposed a "Gold Board Bill" which aims to regulate gold trading by establishing a "Gold Board" as the sole buyer from licensed small-scale miners. This will ensure fair pricing and reducing smuggling. If the bill is approved, all miners will be registered in a national database. This will create a more organised system, and each batch of gold will receive a unique digital code recorded on a secure blockchain ledger. Recording the transactions on blockchain ledger makes it more tran…
About the author
Temmy Samuel
He is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently chasing a BSc degree in Accounting.
