SMX – a company operating in the so-called circular economy – is collaborating with finger vein biometrics firm FinGo in a bid to report on sustainable and ethical supply chains.
SMX uses proprietary technology to mark and track physical materials through the supply chain, and it’s teaming up with FinGo (a Sthaler company) to develop a centralized reporting platform to ensure transparency within the artisanal and small-scale mining (ASM) sector, so that all exported ASM gold can be traced to an ethical and responsible source.
The collaboration is the first step in a planned broader relationship between SMX and Sthaler that will address ethical sourcing of precious metals, child labor, chemical usage, and location identification of artisanal miners and mining operations. Uganda began biometrically registering artisanal miners to improve the transparency and management of the sector in 2019.
FinGo is expected to complement SMX’s tracing and authentication from source through its Human Identity-as-a-Service (HIDaaS) platform, which leverages subcutaneous vein patterns in its identity verification system.
“I believe that the need for an inclusive, accurate and reliable identity system is greater than ever, and I believe FinGo VeinID is proven to be the most reliable biometric because it’s less affected by climate and demographic factors,” said Nick Dryden, executive chair of FinGo.
“FinGo’s technology is designed to combine secure digital identity service with associated data which can document each stage of the ASM supply chain with human ID to create a smooth, secure, and fully auditable end-to-end service,” he continued.
SMX has chosen VeinID as the small data packets used for matching are “particularly well-suited” to authentication in industries such as mining, which can take place in remote areas, according to the company.
The platform SMX is developing is also expected to integrate FinGo’s digital identity and payment solutions in order to “streamline counterparty payments securely,” the company said.
The collaboration is expected to offer enhanced transparency as one of its key benefits, with SMX’s molecular markers working in combination with FinGo’s VeinID biometrics to securely track commodities from origin to final product, and ensuring compliance with stringent regulations.
Improved governance from the creation of the platform is expected by SMX as businesses look to onboard new sources of precious metals from artisanal and small-scale mining operations; while another significant benefit should be the switch from manual, paper-based auditing to real-time digital reporting.
SMX’s ambitions can be teased out since the company says it expects to offer a “practical, scalable, and commercially viable solution to modern supply chain challenges.”
Article Topics
biometric identification | biometrics | digital identity | finger vein | Fingo | identity verification | Uganda | vein biometrics
