Using blockchain technology, a proposal to track gold bars

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  • An underground network of high-security vaults in Greater London supports trading on one of the oldest exchanges in the world. There, the four biggest banks in charge of processing transactions exchange roughly 50,000 gold bars worth more than $650,000 per day.

The former investment banker is advocating for reforms that he believes would greatly increase demand, such as a database that employs blockchain technology to track almost all gold bars worldwide. Once this is operational, it should be feasible to develop digital tokens with physical gold backing that are more easily traded.

Little has changed in the system over the past 20 years, which is where around $500 billion worth of gold is housed. The chief lobbying organization for the metals business, the World Gold Council, is headed by David Tait, who thinks it is time for a change.

Following the failure of earlier attempts to make minor adjustments to the market, market players present at the October 16 conference are dubious that the proposed revamp will succeed. However, a modification pack dubbed Gold 247 (which stands for 24/7) assumes a new urgency. This year, as market players failed to demonstrate that the asset could be traded easily under pressure, post-financial crisis banking changes started to have an impact on gold.

As a result of the new regulations, banks will actually pay more to store bullion, reducing the limited profits they can make from trading the commodity and causing market shrinkage worries. With some supporters referring to bitcoin as a “digital currency,” gold has been competing more and more with cryptocurrencies over the past ten years to draw in investors searching for a substitute for equities, bonds, and cash. We name it gold.

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