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How blockchain can kickstart the gold industry’s digital revolution

Article by USAVE

From supply chain management to data protection, blockchain technology has been making a huge impact on processes across many global industries over the last few years. It is the decentralised, distributed and public ledger which underpins many of today’s cryptocurrencies and is used to provide a full and permanent receipt of digital transactions.

Originating in the financial sector, its ability to provide traceability and visibility of transactions has seen blockchain widely establish itself across various sectors, from telecoms to the world of advertising. However, one of the most exciting opportunities for innovation in blockchain can now be seen across the global gold industry.

Blockchain can enable gold refiners and suppliers to digitally track and trace responsibly sourced gold from the mine to the end consumer. Gold refineries can therefore guarantee a traceable origin of all its eco-friendly and ethical gold as it moves. A secure deposit of gold into a vault can then be made by its owners, giving all parties full transparency and peace of mind within a traditionally sensitive ecosystem.

With blockchain underpinning most digital currencies, traditionally volatile markets, such as the gold industry can now use these networks to improve market infrastructure, whilst providing traceability, security and accessibility by default. Operating in this way can reduce risks of criminal activity via financial intermediaries and give investors access to liquidity, to take advantage of investment opportunities.

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