What is Karuschain?
The Karuschain platform uses the Ethereum and Hyperledger blockchains, our 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 platform technology will allow supply chain participants to determine the source of the metal as it flows upstream. It will allow them to track the metal from the source onwards and then for other participants to trace backwards to the source. It will allow a participants’ compliance department to determine what compliance data to store on its private blockchain channel and with whom to share read-only access.
Downstream participants have a clear incentive to connect to Karuschain to meet their compliance and CSR obligations as the available pool of data and upstream producers increases for tracing/cross-checking purposes. They will, as major buyers of the output of upstream companies, exert pressure to open up data flow from upstream in to facilitate source tracing. The demonstrable success by both upstream and downstream participants in meeting their compliance obligations will drive data sharing, platform use, and industry end-user acquisition.
The Karuschain platform will be built on a foundation of a compelling use case. It will evolve into an industry driven ecosystem supporting the greatest possible transparency in the precious metals supply chain/market.