Blockchain Technology – What Is It and How Will It Change Your Life?

Thursday, December 1, 2016
By Paul Martin

By: GoldCore
GoldSeek.com
Thursday, 1 December 2016

Blockchain technology – What is it?

Latest developments – Royal Mint Gold & CME, Goldman Sachs and Santander

Why do we need it? It’s about value

Blockchain is an extension of economics

Blockchain allows us reduce uncertainty and risk

How will it change your life?

For those of you who follow anything to do with blockchain and blockchain technology, you will know that the space has had its ups and downs in the last couple of weeks.

The exciting news is that two major players in the gold market, the Royal Mint and CME Group have announced a blockchain-backed gold project, and the surprising news is that the R3CEV consortium is apparently under threat.

Making a mint on the blockchain

The Royal Mint and CME Group have announced that they are working on a blockchain project together. The project will see the creation of Royal Mint Gold (RMG) digital tokens which will each be backed by 1g gold.

We will look at the Royal Mint’s announcement in more detail shortly, particularly at how they expect the implementation of a blockchain-backed platform to mean that they are able to remove storage fees.

But the focus of today’s research note is to look at why blockchain is grabbing everyone’s attention.

The use of blockchain technology in the gold space is nothing new, it is something we discussed recently in regard to changes in the gold market and the risks posed to the London gold market.

However, the move by the world’s oldest gold organisation is an illustration of just how complimentary the technology that was first known for backing ‘digital gold’ (bitcoin) and the longest surviving money, really are.

The Rest…HERE

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