Gold is going digital
"Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen and melted down by recyclers that’s sold each year to buyers scattered around the world." — reports Bloomberg. Commodity markets, from diamonds to tomatoes, are considering the use of the technology due to the ability to track ownership. London Good Delivery List sets global standards for large gold and silver bars. Mirza, general counsel of the LBMA, claims: "Everything that ends up in an LBMA good-delivery refiner needs to be tracked in the supply chain, regardless of whether it ends up as a large bar in a London vault, a kilo bar shipped to the Far East, or a coin owned by a collector." The process of formalising it has already begun, but most of it is still paper-based.