The latest list of countries shows China as the leading country by gold production as of 2018 with 404 tonnes of production. Australia, Russia, and the U.S are some other major leaders in gold production with 319, 297, and 222 tonnes of production respectively in 2018 itself. However, no country has matched with South Africa’s time of peak production during 1960-70 with productions as high as 1000 tonnes.

The figures demonstrate how important the gold mining industry is to thrive. Gold mining plays a vital role in the economies of many countries across the globe by acting as one of the major economic drivers. Being a large industry, it is responsible for employing millions of people. The particular asset extraction industry creates volumes of business opportunities for enterprises as well as local people. Investing in gold is always a safe option as it provides easy liquidation, at the same time it’s a widely accepted asset. The importance of gold mining can be ascertained by the fact that it is also highly responsible for bringing foreign investments, exchange, and income generation opportunities.

Considering all the positive impacts of the gold mining industry it becomes extremely important to avert frauds that could harm the industry. Plus, being an industry that involves the extraction of such a precious commodity, it is natural that it would attract bad guys. Moreover, if a dishonest person gets a job in gold mines, stealing the metals would be as easy as eating a slice of cake as he gets access to stock.

Internal theft presents a major risk to the industry since not only does it mean losses for the companies but it also leads to lower production. According to reports on mine thefts by the Institute of Security Studies in 2007, 41% of the thefts were committed by the employees working in these mines. The fact that the price of gold is only rising makes it even more logical to prevent such internal thefts. Even a small quantity of gold theft could cost millions, considering the value of only 10 grams of gold to be $630 as of January 2021.

Let us discuss how we can accomplish the goal of preventing thefts in the gold mining industry that is majorly happening by the workers employed by the companies themselves.

Having to employ workers in a critical industry like this where they come in close contact with the highly valuable metal is more than risky. Since thousands of employees are required in the extraction, it is usual to have culprits amongst them. Therefore stealing gold is not hard with having such close contact and where it is impossible to keep a check on each and every worker.

So how does the management establish more security to prevent thefts?

If and only a proper ID verification is conducted prior to hiring the workers can this long-existing fraud be prevented to high extents? As there will be a sense of fear and alertness in the minds of the workers of being caught with the help of the detailed information provided at the very beginning. This will help the companies with reasonable control over their employee’s movement and actions within the workspace.

Having all the security checks, CCTV and LCD monitoring, thermal cameras are good in the work sites. Although without having the personal details of the workers like their full name, address, government-issued ID, all the former checks lose their efficiency. Since those security checks won’t help to locate or track down the thieves (who already fulfilled their wrong intentions of stealing gold and ran away), but having one’s details would help with the task.

Now comes AZYO in action. It is the market leader in Automated Identity Verification!

This phenomenal solution is developed with an amazing fusion of Optical Character Recognition, Artificial Intelligence, Machine Learning, Blockchain, Real OCR & Facial Biometrics to verify anyone, anywhere, and anytime. 

Being automated in every version, AZYO can prove to be highly helpful for the industry. Its Artificial Intelligence and subsets of machine Learning plus deep learning make it possible to accurately process, verify, and authenticate identities at scale. AZYO’s advanced deep learning algorithms intelligently automates and extract the information from identity documents in order to verify the authenticity and eventually validating the real identity. AZYO’s advanced Real OCR engine supports a wide range of documents like Passport, Driver’s License, Lease Agreement, Resident Permits, Bank Cheques, Tax Invoices, and likewise.