Convenience has driven human innovation since the dawn of time. Technology only furthers the desire to make our lives easier, and vending machines play an important role in catering to that.
Quick History of Vending Machines
Vending machines have existed since the Roman Empire. The first such instance was a holy water dispenser, allowing users to insert a coin and receive the sacred liquid. Modern vending machines, though, came about in the late 1880s, in England. Vending machines, of course, are popular because of their extreme convenience, and ability for you to complete transactions without human interaction.
Different Types of Vending Machines
When you say the word “vending machine”, a little box offering food or drinks often comes to mind. But, there are tons of other types of vending machines out there, varying from weird, to “I-wish-I’d-thought-of-that” type of brilliant.
Many zoos and museums have something called a “Mold-a-Rama”. This type of vending machine works by having the user select the type of figurine they’d like, often in the shape of animals or artifacts. From there, the machine makes the selected blow-molded plastic figurine. Once completed, it spits out the model, still hot from the press.
Japan is well-known for their quirky, atypical trends. Animals and animal costumes are no exception, in their love of going out-of-the box. So, it should come as no surprise that Tokyo offers vending machines for dog wigs and hats. Open 24-hours a day, they’re available to fix any pet apparel emergency.
The 90s brought about widespread changes, with regard to medical marijuana, which caused a huge spike in the cannabis innovation industry. It’s not shocking that a vending machine and MMJ were fused. First available in California, Colorado, and Canada, these machines were placed inside of regulated dispensaries, making the lives of card holders and budtenders alike much easier.
While these off-the-wall ideas are innovative, it begs the question, to what extent can vending machines truly improve our lives? Answer: significantly — and in more ways than you could ever imagine.
Gold Vending Machines
Now, a gold vending machine isn’t an entirely new concept in and of itself. In fact, Westfield Mall located in west London, has been home to a gold vending machine (aptly named Gold to Go) for a number of years. Unassuming, yet it holds a booming presence because of the psychological draw — purchasing gold from a vending machine is novel, yet an increasingly smart investment.
Because gold does fluctuate, Gold to Go updates prices every 10 minutes, to ensure users are purchasing at an accurate market price. You can purchase in one g, 2.5 g, five g, and quarter-ounce sizes…all the way up to a 250 g bar. While exceedingly awesome in concept, there’s so much more that can be done with a gold vending machine, than solely dispensing gold.
A Game Changer
That’s where Custody Bot steps in. GoldMint is a blockchain-based company involved with tokenized cryptoassets — specifically gold. Their proprietary vending machine, Custody Bot, allows people to appraise, store, receive, and deliver gold, without having to interact with human beings.
Custody bot prototype is attached to the public blockchain, Ethereum, and works as a mediator. Moving forward, it will be associated with GoldMint’s custom blockchain, based on Graphene technology. Essentially, when someone initiates an action in the vending machine, a smart contract forms between the buyer and the owner of the machine (known as a creditor). Custody Bot audits and verifies the collateral, and spits out a unique identifier code for each item stored, recording the action accordingly on the blockchain.
Once someone places jewelry in the machine, it’s stored in a safe cell. From there, it conducts a spectrometer analysis of the gold, then hydrostatically weighs the gold. In other words, it’s weighed once in air and once in liquid. It then transfers data to secure computer in the machine, where it either approves or disapproves of the gold. If approved, the value is determined, and it spits out the aforementioned unique identifier code. If disapproved, it’s returned to the owner. While this concept is great for individuals, it is pawn shops who are extremely excited about gold vending machines.
The State of Pawning Affairs
Currently, the pawn industry is riddled with issues. As previously mentioned, wiring payments across borders is costly. Unclaimed pledges are a common issue, as well. Also known as pawns, these are items that have been handed over as collateral for a loan, only to be forgotten. And, because pawn shops exist worldwide, there’s truly no set standard for industry regulations.
Russia, Spain, and the UK house large pawn shop networks. Russia’s industry boasts around $1 Billion in its current asset portfolio. Spain rings in around $3 Billion. The UK, though, takes the cake at £6 Billion pounds. To say the pawn industry is gigantic would be an understatement.
Custody Bot solves many of the issues that plague pawn shops. It allows for gold to be recorded on the blockchain. With this information, pawn shops know exactly how much is in their portfolio, and to whom it belongs. Moreover, lending becomes much cheaper, thanks to the removal of expensive wire transfer fees. And, because pawn shops across the world can lend, trade, and sell with Custody Bot, a set of regulations and standards is easy to implement, given the extreme transparency and connectivity.
Wrap Up
While vending machines have been around for millennia, they’re still a useful tool when paired with today’s advanced technology. Because gold is considered a stable investment, it’s often used as collateral for a loan, especially by pawn shops. Many issues plague the pawn industry, but Custody Bot and other gold vending machines are a revolutionary take on the old technology, by abolishing international borders, and bringing in a new era of pawning. The future of pawn shops has arrived.
- Website: goldmint.io
- Telegram group: https://t.me/goldmintio
- Telegram ICO channel: https://t.me/goldmintICO
