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GoldMint connects Moscow's pawnshops to the blockchain

Wednesday 16 January 2019 | 11:44 AM CET

GoldMint has connected a network of pawnshops called “Moscow City Pawnshop” (MosGorLombard) to the blockchain.

This type of connection makes it is possible to follow the pawnshops activities in real time. All key pawnshop operations - loan disbursement, refund, and default on the loan - are recorded in the blockchain network MINT, developed by GoldMint.

MINT is an open blockchain network based on the Proof-of-Stake algorithm. Technically, the data is transferred to the blockchain from the pawnshops accounting system. After the pawnshop operator evaluates the customer's product and enters it into the pawnshop's database, the relevant information is automatically recorded in the blockchain.

The register includes only anonymized data on pledges - a product's sample and its weight in troy ounces. Personal and commercial data - the borrower's name, interest rate and even issued amount - are not transferred to the blockchain. Pawnshops will pay a fee of about USD 0.05 for verification of one record of a loan or pledge in the blockchain.

All transactions in the blockchain MINT are verified by holders of MNTP tokens, which are issued by Goldmint. To participate in the verification, you need to create a node, for this you need to have either 10 thousand MNTP tokens or enter the pool together with other token holders. Holders of node get 70% of the verification fee, and nodes GoldMint get 30%.

GoldMint is a financial technology company registered in Singapore. It is part of the Russian KVP Group holding, which has been providing services for the pawnshop business for the purchase and processing of gold, accounting currency and software development for many years.

MosGorLombard (Moscow City Pawnshop) - the oldest pawnshops network in Russia, registered in 1924. In 2018, the network was acquired by KVP Group holding. Now the company has 16 pawnshops in Moscow and 50 thousand customers, its loan portfolio is more than USD 2 million.