As the CEO of International Precious Metals Ltd, also known as IPMB, John Vakis has a strong understanding of the importance of blockchain technology in the gold industry. He believes that blockchain has the potential to play a crucial role in verifying, certifying, and guaranteeing that all IPMB gold bars are environmentally and socially responsible and fully ESG compliant.
John is not a desk bound CEO. He is active on the ground in all supply countries ensuring supply standards and processes are upheld not just to standard OECD guidelines but to higher standards that IPMB can impose.
Further, he recognizes that the use of blockchain in the gold supply chain can provide a secure and transparent way to track gold from the mine to the refinery and ultimately to the end investor. This can help ensure that the gold is responsibly mined, without causing harm to the environment or local communities. By implementing a blockchain-based system, it becomes possible to trace the origin of the gold and verify that it has been mined in an environmentally and socially responsible way. This means that the IPMB supply chains actually improve and upgrade and support local communities in the areas the communities need. Such as providing support for medical or school facilities.
He also highlights the role of smart contracts in promoting ESG compliance in the gold industry. Smart contracts can be used to automate the process of certifying that gold bars are ESG compliant, and to ensure that only ESG-compliant gold bars are traded on the market. In addition, blockchain can ensure all taxes and royalties are paid locally as local laws require. This prevents smuggling and the loss of revenue suffered by local governments and communities.
This can help ensure that only responsible gold enters the market, and that investors can be confident that the gold they are buying is responsibly sourced and mined.
In his opinion, the use of blockchain technology in the gold industry is not only important for promoting responsible mining practices, but also for building trust and confidence among investors. He believes that by providing a secure and transparent way to verify the origin and ESG compliance of gold bars, blockchain technology can help attract more sustainable and responsible investors to the gold market.
In conclusion, as the CEO of IPMB, John Vakis views the use of blockchain technology in the gold industry as a crucial tool for verifying, certifying, and guaranteeing ESG compliant gold bars. He believes that blockchain technology can play a key role in promoting responsible mining practices, building trust and confidence among investors, and ultimately in making the gold market more sustainable and responsible. This is level of metal procurement across the globe should be the standard. Quality should be a habit. This will deliver a fair distribution of the resource value to all parties involved in the delivery of precious metals. More information is available on the company website www.IPMB.io
Written by Mike J. Kristiansen
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