When reading and hearing about the term blockchain, it is usually immediately related to cryptocurrencies. However, what is unknown is that this network, based on creating blocks containing information and practically unalterable transactions, is being used for many purposes. For more information visit our website: https://bitcoin-revolution.software
In this opportunity, we will analyze the impact of blockchain technology in terms of gold supply around the world. Enter Bitcoin-Prime trading system for more interesting facts
It is because financial operations worldwide are taking a much faster pace and becoming vulnerable to possible fraud. That is why blockchain is used to carry out transactions safely and reliably.
Integration between Blockchain and Gold
After the World Gold Council ( WGC ) meeting, the possibility of the blockchain platform being progressively integrated with the gold industry and the standardization of processes was discussed and approved.
It refers to the fact that it is intended to create a system of custody, protection, and, of course, of origin at an international level for possessions of gold in the form of ingots, thus contributing to better management of the said asset.
The main intention is to protect the information on the reports of the existence of gold bullion in the world to protect the assets that not only individuals but also companies and the countries of the world possess concerning the most famous value asset.
Without leaving aside that through the blockchain, a daily record can be kept as a kind of accounting ledger to monitor the increases or decreases of said asset effectively; this book is supported by the various institutions worldwide related to gold.
Gold and its uses
The use of gold in various investment platforms undoubtedly contributes to the increase in its value and, in turn, the demand for it.
Gold is used not only as a refuge asset by countries and individuals but also has an exciting number of uses, such as gold being used in medical cancer treatments or industry of technology in the construction of various mobile devices such as the iPhone.
In addition to being considered the financial asset with the most significant number of investors, governments usually deposit the capital of their countries to safeguard their reserves in some way.
A strategic alliance between Blockchain and Gold
A project that might seem ambitious turns out to be possible; with this union between the safest network in the world and the most valued haven asset, it will be possible to control the transactions carried out with this resource.
On the other hand, it will be possible to verify the quality of the material and the chain of protection and distribution, all this with the purpose of timely monitoring the gold bars from their location, the forks, and of course, maintaining their integrity from the point of departure to the end of arrival.
With the execution of processes with blockchain technology, people who have their capitals converted into gold will be able to be calm and sure where the gold comes from and that its purposes are always lawful.
In turn, the commercialization of gold at an international level requires the use of fully automated technologies and databases that generate the necessary confidence to be able to carry out wholesale operations.
Maintaining a transparent scenario regarding the transactions carried out with this precious metal is necessary. If the gold industry is brought to a level of absolute trust, where investors will be able to see their investments grow legitimately and safely, making the gold industry one of the most interesting in the world.
A pilot plan has been designed through which a supervision process will be carried out that will focus primarily on the global supply chain to visualize the various operations executed in specific periods carefully.
Conclusion
With the use of the golden chain, the gold market will be able to observe the entire gold process from the extraction of the bars in the mines, through the protection in the different vaults scattered throughout the world and reaching the last level of the chain that would be the jewelry makers.
On the other hand, gold organizations want to end the illegal mining of gold and the trading of counterfeit metal. Moreover, with the worldwide use and adoption of this technology, all those who have malicious intentions would be curbed.
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