Royal Mint in UK to Track Gold through ‘Live’ Blockchain
United Kingdom’s Royal Mint expose details of a ‘Live’ Blockchain to Track Gold
It is surprising that people might actually lose a $40,000 worth 1kg gold bar. Nicola Robinson managed to lose her gold bar at the Blockchain Summit held recently in London. Nicola is a senior marketing manager at Royal Mint in U.K., a company owning 5.4% of the global bullion trade.
In this event, Nicola hands the participants in the audience a gold bar as a pre-planned stunt. The plan is to show the difficulty in keeping track and handling of the gold. They wanted to show how a blockchain can make finding the gold bar easier.
It is obvious that a blockchain will not be able to store actual physical gold. But, the block-chain of Royal Mint Gold (RMG) can keep track of the ownership and authority of the gold bars.
The initial test transactions occurred in August 2nd, 2016 using a genesis block including a picture of the development team. The company reveals this to the public three months after promoting as a way to keep track of gold ownership and the next sale of the gold bar.
The simplicity and possibility of the digital representation of real gold is efficient through the RMG blockchain. Nicola mentions, so far the system is working well.
Future of gold tracking
Nicola Robinson further mentions there are over 50,000 verified blocks even before opening to the public. The blockchain was created using BitGo’s technology for wallet startup of CME group. CME has a strong base in the financial market.
The blockchain can track even a single ounce of gold, allowing potential investors to come in and increase market liquidity altogether.
According to Nicola, the bullion trading platform in the blockchain is on the way. In future, the RMG platform can cater requests to prove the ownership of gold and to provide collateral global trade. Royal Mint is currently looking to create partnership with traders.
The strategic marketing manager, Nicola on her concluding words states that there will be a huge impact on gold trading through the RMG blockchain, leading to a global revolution.