Distributed Application for the gold mining operation management
The solution that we are now developing is a sophisticated system leveraging the advantages of such technologies as Internet-of-Things and blockchain.
The gold mining process poses rather high requirements to data accuracy as well as to the security and reliability of any related information. Therefore, the blockchain technology supporting an immutable data storage and secure and transparent transactions was a natural choice for such a sensitive application. The system will be based on an Ethereum smart contract for automated control of all events and flows that occur in the process of gold mining.
Another part of this project is private permissioned blockchain, where different user roles have own level of permissions and sensitive corporate information stored.
The other component of the solution is a network of IoT devices that gather, transmit and process all sorts of data related to the gold mining processes. The first stage of development includes the integration of weighing units with the possibility of real-time gathering and processing the weight data.
At the later stages, other types of IoT devices, such as sensors, meters, and other equipment will be integrated, such as distributed data storage (IPFS).
The project also includes the development of the cryptoeconomy mechanisms to be used for funding the gold mining operation and for distributing the profit. The complex crypto structure will involve the issuance of several types of tokens that will allow the accrual of interest on the initial investment and the distribution of dividends between the holders depending on the company profit.