Company urges block chain technology in gold mining

An Australian Company, Africa Mutual Resources, has appealed to Nigeria to adopt block chain technology in the mining of gold to boost its diversification drive and achieve sustainable economy.

The company’s director, Lee Purves, said in Abuja, on Tuesday, that block chain technology, a digital ledger system, was a smart and transparent technology which would give buyers and sellers confidence in the gold business.

He expressed the company’s willingness to partner with the Federal Government to use the technology in the sector, adding that a similar system had been developed in Israel.

Purves was the leader of a delegation that paid a courtesy visit to the Managing Director of News Agency of Nigeria (NAN), Bayo Onanuga.

“What it does is that it absorbs data from along a supply line, whether it is gold, digital location or the source and put it in the block chain.

 “If I am a gold seller or gold buyer, you don’t need to trust me anymore because the trust is in the system. You will see all the documentation.

The Chairman of the company, Ade Kukoyi, said that the country belonged to part of global community that should key into the technology.

Kukoyi said that the company had done some research on Nigeria and that the country had been losing as much as 1.4 billion dollars in activities surrounding the illegal gold mining.

“The block chain technology is reformatory; it will transform way business is done and the underline theme of the technology is trust,” Kukoyi said.

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