The Government of Colombia’s National Mining Agency (Agencia Nacional de Minería) has officially transferred its first mining title, minted as a non-fungible token (NFT) on the GoChain public blockchain, to Carbomas SAS, a leading mining company in Colombia.
Since revealing its blockchain plans at the Dubai World Expo in 2021, the ANM’s on-chain transfer event represents another key milestone for Colombia’s mining sector; and more broadly, sets the stage for mining and mineral titles around the world to take advantage of web3 technology.
Minting mining titles on blockchain has many benefits for the agency including increased transparency, efficiencies and real-time digital authentication of title transfer and ownership; and opens the door to other significant benefits including financial innovation opportunities, i.e. blockchain-based crowdfunding.
Having mining titles on a public ledger enables anyone to easily verify title ownership. While all titles are public record, the current process to authenticate, obtain, and / or verify ownership has historically been inefficient and overly bureaucratic; requiring a lot of manual work from both the person requesting the title and the agency to produce the information.