Bitcoin blockchain technology is now employed to buy gold. Numbers of groups have attempted to make security and transparency in trading precious metals. Now it got succeed by the blockchain technology. By using cryptocurrency including Bitcoin, gold is traded by Bitcoin trader. The Newyork based trade wind markets and Emergent technology holdings, in California, used blockchain technology. Trade wind markets issued gold stored by the Royal Canadian Mint. Blockchain technology is a decentralized digital ledger technology where the transaction takes place in an encrypted way with a transparent and secure manner.
The precious metal, gold is not exchanged previously in an electronic way. The Trade wind co-founder Matt Trudeau said that by using this new technology the significant transaction of gold will be traded. The transactions details of gold are stored in databases which are not secure and the traders have a complaint that as many investors are involved, the supply chain is open to all of them, The databases may be tracked or deleted.
All these problems are overcome by the blockchain and the crypto tokens which provides all the safety mechanisms. The transactions are continuously updated in the network and it can trace the origin of the precious metal gold. Adriana Hamacher, the managing editor of blockchain news said that any person who wants transparent transaction where everyone can know when and where the metal is produced and who is involved. It gives more support to the industries. Moreover, the transaction is well secured and faster can invest in the blockchain gold sector.
The blockchain deals with the digital currencies it has been used to track the marine poultry food to the health supplements. Blockchain technology in future it can give the information about the ingredients added in each commodity. Therefore it shows that the blockchain technology is used not only for currencies but also used in wide applications such as in healthcare, finance, insurance, energy and other industries.
We can get a better idea of how much god is stored in the vault if all the trading of gold is carried online. It will become a new digital currency. Bitcoin is the most popular digital currency because of its limited supply and its easy transaction. If the gold also fulfills all these essentials the people will have trust in the gold. Then this digital gold is easy to sell.