Blockchain technology platform for the precious metals mining industry, Karuschain, announced that Herbert R. Sim—known as ‘The Bitcoin Man’—will join its team as an investor and adviser.
This news comes as a follow-up from Karuschain’s previous announcement of a delay in its IEO launch earlier this month after the World Blockchain Summit in Dubai due to a high profile global blockchain investor coming aboard and supporting Karuschain in its global ambitions.
“At Karuschain, we pride ourselves on working with the best. Its how we’ve created a world-class blockchain implementation company, with a moral compass for the mining industry, with an incredible real-world valuable asset. This has been achieved quickly through partnering with the best of the best in the industry like MineRP, JPMC Mining Consulting and now by bringing Herbert aboard,” says Richard Verkley, CEO of Karuschain in a release.
“We are pleased to have ‘The Bitcoin Man’ himself coming in as a lead investor, and simultaneously as a key adviser. His years of experience in the blockchain and cryptocurrency industry will prove invaluable to Karuschain’s global ambitions and help bring focus and a gateway to Asia, the world’s largest gold market, creating tremendous value for both the company and investors alike.”
“Karuschain’s blockchain project is unlike the thousands of others in the industry I have seen thus far,” says Herbert Sim. “The project brings together a complete supply chain solution for the precious metals mining industry utilizing blockchain technology. It gives mining companies a powerful tool to safeguard human rights, at the same time, reduce risks and improve environmental regulations in their supply chain.”
Sim is the founder of Crypto Chain University, world’s first repository for blockchain and cryptocurrency research papers established in 2010; and founder of TheBitcoinMan.com founded in 2016, which houses the list of companies that Sim invested into.
Karuschain is a blockchain technology platform for the precious metals mining industry, giving mining companies a powerful tool to safeguard human rights, reduce risks and improve environmental regulations in their supply chain. With a dedicated team of experts having over 270 years of combined experience in both the precious metals mining and blockchain fields, Karuschain provides a powerful tool to safeguard human rights, reduce risks and improve environmental regulations in their supply chain.
The company helps industry-leading miners by tracing and tracking ethically sourced goods, automating compliance and providing data integrity to auditing operations meaning a single source of truth for the firms who meet consumer demands for ‘green’ and ethically sourced precious minerals. Over time, the company claims, this forces a change in the behavior of participants whose governance, risk and compliance controls are lacking or not as robust, bringing positive change to the industry.
Due to the data validation and security inherent in Karuschain’s distributed ledger technology, product integrity can now be tracked, traced and transparent in all levels and stages of the mineral supply chain, from source to sale.
Starting with established industry connections, Karuschain invites different stakeholders in the mining industry’s supply chain to join the platform and to create a sustainable, stable, long-term and widely distributed ecosystem.
Using the Right Technology
The Karuschain platform uses the Hyperledger software family, their implementation of sophisticated smart contracts (chaincode), and the management of key data flows from legacy systems and innovative hardware throughout the precious metals supply chain.
Karuschain technology utilizes the Ethereum blockchain to secure its KRS token and the Hyperledger fabric protocol to implement private blockchain systems for enterprise. This ensures the secure management, tracing, and tracking of critical data throughout the precious metals supply chain.
The mining industry is plagued with issues regarding human rights abuses, environmental issues and increasing regulation on a country by country basis, which is an increasingly complicated problem for any industry operating on a global level.
As global/consumer pressure grows to increase mining compliance and regulations, so do increases to the rejections for license to operate mining permits, and hence, more corrupt and abusive mining sites attempt to meet this demand and flood the precious metals industry with illicit, illegal goods.