SMX, FinGo ID Look to Add Biometric Verification to Ethical Gold Sourcing

SMX and FinGo ID have announced a partnership to implement biometric tracking in artisanal small-scale (ASM) gold mining operations, aiming to enhance transparency and ethical sourcing practices.

The collaboration integrates SMX’s molecular marking technology with FinGo’s VeinID platform, which uses infrared scanning to map unique vein patterns in individuals’ fingers. This biometric solution, which has previously been deployed in payment systems and age verification applications, will now be applied to tracking and verifying participants in gold mining supply chains.

According to SMX, their molecular marking technology enables physical materials to be tracked throughout the supply chain by applying unique, microscopic markers that can be verified at any point. The integration with FinGo’s biometric system aims to create an end-to-end solution for documenting and verifying both human participants and physical materials in the mining process.

The artisanal mining sector, which employs over 100 million people globally, has faced ongoing challenges with transparency and ethical sourcing. Supply chain verification has become increasingly critical as regulations around conflict minerals and responsible sourcing have tightened.

FinGo’s Executive Chair stated that their VeinID technology offers advantages over other biometric systems in mining environments, as it is less affected by environmental factors like dust and moisture. The system combines biometric identification with associated data about mining operations, creating what the company describes as an auditable record of ASM supply chain activities.

The platform offers a range of essential features, including real-time digital auditing capabilities that streamline and replace traditional manual documentation processes. It incorporates secure payment systems for verified stakeholders, ensuring financial transactions are both safe and authenticated. The platform also integrates with existing regulatory compliance frameworks, enabling seamless adherence to industry standards. And it includes tools designed to prevent child labor and verify authorized mining locations, supporting ethical and responsible practices within the supply chain.

This implementation builds on FinGo’s previous work in identity verification, including its partnership with Mastercard for payment services and various trials in age verification and access control systems.

The companies indicate that this partnership represents the first phase of a broader collaboration between SMX and Sthaler, FinGo’s parent company. They plan to expand the system’s capabilities and geographic reach as the platform develops.

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November 8, 2024 – by Ali Nassar-Smith