SoylentNews is people
SoylentNews
from the that's-as-good-as-money-sir-those-are-IOUs dept.
The Royal Mint (the body permitted to strike British coins) have a venture with the US based CME to allow electronic trading of gold.
From the Reuters article:
The Royal Mint will put gold bars into its on-site secure vault, which will then be digitised to create RMGs [Royal Mint Gold] whose ownership will be recorded on the blockchain. Traders will then be able to trade in and out of RMGs between themselves.
Blockchain - or distributed ledger - technology keeps track of and authenticates a continuously growing list of transaction data, which is secured by a global network of computers and is virtually impossible to be tampered with or revised.
The gold would still physically reside with the Mint but could be converted to a physical delivery later. This is fairly standard practice. The Bank Of England used to just wheel a pallet from one side of a vault to another when it changed ownership. The idea seems to be to lower the cost of trading gold which has traditional involved a lot of middle layers who add margins and push up the price.
(Score: 3, Funny) by Anonymous Coward on Wednesday November 30 2016, @12:55AM
And if you don't love bit now, you will never love coin again
I can still hear you saying you would never break the chain
(Score: 2) by Some call me Tim on Wednesday November 30 2016, @03:15AM
If you see my reflection in a bit coin covered hill, well the network will bring it down....
;-)
Questioning science is how you do science!