Joseph Heit
For decades, raw material firms have been operating in the same manner. However, if they want to keep pace with technology-driven performance improvements, they need to become fully digitized organizations. Digitization, in very simple terms, can be seen as the process of taking non-digital formats of information and turning them into digital formats.
A lot of multinational companies are already taking the lead in leveraging an efficient digitized economy to boost the extractive and mining industries. A notable mention here is Karatbars International, a company poised to fully revamp the raw material and mining sector.
The company offers a wide variety of products and services around gold and blockchain.
Whenever digitization of the extractive industry is mentioned, an influential figure named Josip Heit naturally comes to one’s mind. Heit is a multi-millionaire and veteran businessman who has amassed his wealth by investing in various sectors such as mining, minerals, and rare metals, especially gold. Not too long ago, he shifted his focus to re-discovering the value of gold via blockchain-based technology, as well.
Heit is currently the CEO and President of "Gold Standard Banking Corporation AG," Chairman of "GSB Money in the United Kingdom," "GSB Gold Standard Finance Europe Se" in Lichtenstein, and "GSB Finance Trust" in Luxembourg.
In the previous years, he conquered multiple sectors before finally making his presence felt in the ever-growing blockchain field. He is generally known for incorporating and proffering solutions with respect to digitization of the mining industry, especially as it concerns digital gold and raw material supply chains.
Even with physical products and a capital-intensive global supply chain, mining is still one of the few sectors that is yet to feel the positive impact of disruptive innovation. However, that is rapidly becoming a thing of the past. As the world is being changed by a series of Industry 4.0 innovations, such as blockchain, robotics, data analytics, and the Internet, mining companies are acquiring the ability to solve complex and historically intractable supply-chain problems.
According to Heit, blockchain seems to be leading this innovation around the extractive and mining industry. This technological transformation creates the opportunity for mining companies to radically change their business models, allowing for much-improved customer service and transparency, increased efficiency of value chain processes, and improved security, as well as, ultimately, generating opportunities for new enterprises.
Heit believes that fraudulent practices associated with contract formation and execution in the course of extractive and mining business activities can be minimized, if not totally eliminated. He further stated that the introduction of smart contracts has created several opportunities for digital signatures to be applied where necessary.
Smart contracts operate by implementing an automated payment mechanism once a number of conditions previously defined have been met and checked. The various complicated processes in the sector can easily be streamlined in a timely manner by using this method.
Heit is an ardent technology lover and blockchain influencer. With the help of like-minded people, Heit made the world's first blockchain-capable computer, which is called WHIM K1, come to be. This piece of technology offers an architecture that can not be hacked, providing its owner and his or her smartphone with 100 percent protection and security in data transmission. Since then, he has been conquering new territories within the blockchain space.
Shortly after, KaratPAY - a blockchain-based app that is digitizing gold - was also launched to provide an avenue for businesses across the system to achieve a wider reach. This online platform was developed for the transaction of CashGold.
As an ardent believer in the digitization of the extractive and mining industries, Josip Heit is leading the innovation around this sector by pioneering various projects that increase the ease, efficiency, and safety of doing business in these ever-expanding industries.
