Tradewind Tracks Gold Trade with Origins Blockchain

Asia Blockchain Review
November 15, 2019

As a digital tool to provide supply chain provenance to buyers and sellers on Tradewind Markets, Origins allows stakeholders to buy and sell physical gold and other precious metals based on sourcing preferences such as the geography of the mine, name of the mine, recycled sources, and artisanal approaches.  

Provenance Data Stored on Blockchain-powered Platform

Tradewind Chief Executive Michael Albanese told CoinDesk that Origins allows miners to advertise their precious metals to downstream buyers by tagging the metals. 

“If you are a miner who produces responsible metal, once the bank buys the metal, it loses its identity,” Albanese explained. “That bank sells it to a wholesaler network down to a corporation. That miner is challenged to be able to advertise its metal. For the first time ever, the miner that produces responsibly is going to be able to tag their metal to advertise it to downstream buyers.”

VaultChain, a digital platform of Tradewind, creates a direct and immutable connection between physical gold and investors. The gold is stored with the Royal Canadian Mint, a crown corporation of the Government of Canada. Investors can buy precious metals through the blockchain-based platform, which records the metals’ transactions and ownership.

The Royal Canadian Mint has approved the provenance of physical and other precious metals registered with Tradewind. The crown corporation is responsible for the physical delivery of metals to buyers who are subject to manufacturing and delivery fees.

Blockchain Helps Eradicate Blood Diamonds

The blockchain technology was adopted by government officials in the Societe Miniere de Bisunzu (SMB) mine in Congo to certify conflict-free diamonds. The Berlin-based blockchain company RCS Global provided blockchain-powered solutions for the SMB mine to help fight against blood diamonds in the country.

Source: cointelegraph.com


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