Tradewind Market has started a new system on its platform to track the origin of its physical gold and other precious metals.
As per the reports of Nov 5, Tradewind markets launched its latest solution based on a digital Blockchain platform. This digital platform provides supply chain provenance to buyers and sellers of precious metals.
Tradewind Tracks Where Its Metal Comes From
Tradewind website states that Origin allows customers to sell and buy physical gold and other precious metal. It is based on the specific sourcing preference like mining, artisanal, recycled sources and the name and geography of the mine where the metal was sourced from.
Chief Executive of Tradewind Albanese said that “If you are a miner who produces responsible metal, once the bank buys the metal, it loses its identity […] That bank sells it to a wholesaler network down to a corporation. That miner is challenged to be capable to advertise its metal. For the initial time ever, the miner that produces responsibly is going to be capable to tag their metal to advertise it to downstream buyers.”
VaultChain Tradewind’s so-called digital platform generates a direct and stable connection between the investors and their physical gold positions stored with the Royal Canadian Mint, a crown corporation of the Government of Canada.
Through the Blockchain platform, Investors are capable to purchase fractional amount of silver and gold with transactions and ownership of the gold will be recorded on the blockchain.
Royal Canadian Mint Uses Blockchain As A “Source Of Truth”
The Royal Canadian Mint is an organisation working under the Royal Canadian Mint Act. The Mint offers all of Canada’s circulation coins and manufactures circulation coins on behalf of other nations as well.
Royal confirms that Tradewind platform legally recognizes the blockchain as the source of truth for a title to physical gold registration.
Buyers can instruct physical delivery via a dealer or directly with the Royal Canadian Mint in a variety of formats. These are subject to manufacturing and delivery fees.
Blockchain Helps Fight Against Blood Diamonds
The government official in the Societe Miniere de Bisunzu (SMB) mine in Congo is also using the Blockchain technology to confirm client that any minerals they are buying are not part of a bloody supply chain.
RCS Global the Berlin-based Blockchain company was surrendered the mine-to-market technology solutions to improve fight against conflict minerals in the Democratic Republic of Congo.