The Royal Mint of the United Kingdom has just revealed their live gold tracking mechanism built with Blockchain technology.
The tracking system had its first genesis block on Aug. 2 and while still not yet available to the public, has verified more than 50,000 blocks.
The Blockchain technology based tracking system is designed to keep records of sales and ownership of the precious metal – a task that is relatively complex. The system has been built with a number of careful additions in order to reduce any risk to relatively zero. Here are some points of the report:
- The RMG network will require multiple, independent cryptographic signatures to enact any transaction thereby keeping RMG safe from loss of a single-key. Due to the way the Blockchain enforces the addresses, it is not possible to send RMG to an invalid destination where the RMG could not be recovered.
- The Asset Trading Platform is secured by industry cyber-security practices and controls, which are informed by global frameworks such as NIST and ISO.
- All parties participating on the network are identified.
The project was first unveiled as potential in 2016. The recent statement indicates the power of Blockchain technology to both protect and secure even physical assets.
The senior marketing manager Nicola Robinson rightly stated, “It’s simple, it’s so simple, it’s just a digital representation of real gold. The most exciting thing about RMG is that it’s live, it’s out there, it’s working.”