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The Royal Mint of the United Kingdom introduced a mechanism for trading gold on the blockchain

Wednesday, 08 November 2017

The Royal Mint of the United Kingdom tested the mechanism on the blockchain, monitoring the transactions with gold bars. To date, the Royal Mint Gold (RMG) system is still in test mode, but has already processed more than 50,000 units. The first block was mined on 2 August. It is designed to record sales and ownership of precious metals. The creators state that the system is built in such a way that it reduces all risk to zero.

Platform features:

To send a transaction to the RMG system, several independent cryptographic signatures are used, in case one or more keys are lost or compromised.
The addresses in the system are constructed in such a way that it is impossible to send a digital ingot to a nonexistent recipient.
The platform for asset trading is provided by industry practices and cybersecurity tools associated with such global structures as the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO).
All participants in the network are identified.

Marketing director Nicola Robinson said that the Royal Mint has other initiatives. However, the main thing is that the launch of the platform is inevitable. In the future, it is assumed that the RMG system will be used to satisfy requests for confirmation of the origin of gold and to ensure global trade with it.

However, Robinson did not mention the exact date of launch of the platform, as discussions with potential partners and traders are currently under way. Robinson believes that the RMG platform is the beginning of a global revolution that will change the rules of the game and will have a global impact on gold trading.

The project Royal Mint Gold started last year. In its development took part the largest exchange of financial derivatives CME Group, operator of crypto-currency wallets BitGo and developer of cryptographic technologies Alphapoint.