According to a recent announcement by the Royal Mint of the United Kingdom, they have used Blockchain technology to create a live gold tracking system. On August 2, the tracking system verified it very first block, and although it is not quite ready for public distribution yet, it has since verified over 50,000 blocks.
Blockchain was created to power cryptocurrencies such as Ethereum and Bitcoin. It has a record of all the transactions that have ever happened from the time it started. It is immutable and immortal. The tracking system was specially designed to record all transactions, dates, and ownership of the cryptocurrency, which is a very complex task in itself. The system also features several important additions specifically designed to reduce risk to virtually zero. Here are some features of the new live gold tracking system:
- In order to process any type of transaction, the tracking system will first need several independent cryptographic signatures in an effort to keep Royal Mint Gold (RMG) secure from loss of a single-key. Because of the way Blockchain was designed to enforce addresses, there is no way you can send RMG to an invalid address where it could not be retrieved.
- Anybody that participates on the network is recognized.
- The industries cyber-security practices and controls secure the Asset Trading Platform and is informed top global frameworks such as ISO and NIST.
The power of Blockchain is that it can secure and protect physical assets as well.
According to Nicola Robinson, a senior marketing manager, “It’s simple, it’s so simple, it’s just a digital representation of real gold. The most exciting thing about RMG is that it’s live, it’s out there, it’s working.”
Royal Mint Gold is a digital representation of all the gold found in the Royal Mint vaults.