Tradewind Markets Launches Blockchain System for Precious Metals Tracking

Tradewind Markets Launches Blockchain System for Precious Metals Tracking

Tradewind Markets launched the Tradewind Origins blockchain system to track the origin of the precious metals from which physical coins will be made.

The system was developed with the participation of the Royal Canadian Mint and runs on the Corda Enterprise platform from R3. In addition to tracking the origin of precious metals, the system can also check if various standards are observed when minting coins. Michael Albanese, Executive Director of Tradewind, said:

“Let’s say you mine a valuable metal of good quality. But when the bank buys it from you, the metal loses its identification characteristics. The bank sells it to a wholesale network, and that in turn – corporations. Therefore, miners need to be able to competently promote the extracted metal. Mining companies will now be able to “tag” high-quality metal for sale. ”

Three ecosystem participants will interact on the platform: the Royal Canadian Mint, Tradewind, and mining companies. Information about metals will be entered into the blockchain after it is confirmed by the Mint and Tradewind. According to Albanese, the system is aimed not only at fighting gold forgery, but also at meeting corporate and social standards, as well as environmental requirements.

“Corporations and jewelers value their reputation, so they want to convince their customers that their products are made in compliance with all norms and requirements. If you are a fund manager, asset manager, representative of a sovereign institution or a joint fund, then you are also interested in acquiring metal that meets all standards, ”said Albanese.

Tradewind began using blockchain in 2016 to provide the most transparency in gold trading. In March last year, the company launched the VaultChain blockchain platform, where gold owners can register their right to own a precious metal.

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Recall that in October, the British B2C2 platform launched derivatives on gold with settlements in bitcoin. In the same month, the World Economic Forum (WEF) entered into an agreement with the seven largest metallurgical and mining companies to introduce blockchain in these areas.


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