Crypto Biz: Proof of integrity? Gold industry wants blockchain to solve its b...
Blockchain technology is coming to the aid of another legacy financial industry. Meanwhile, the race to accumulate Bitcoin continues to heat up. As Bitcoin (BTC) continues to eat away at gold’s market share, the bullion industry is looking to blockchain — the technology first made famous by BTC — to solve its most enduring challenges. How’s that for irony? Someone should really check on Peter Schiff. Speaking of Bitcoin, a MicroStrategy subsidiary confirmed this week that it plans to buy more “digital gold” through a crypto-collateralized loan. Terraform Labs CEO Do Kwon also ramped up his....
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LBMA CEO Ruth Crowell said the new blockchain-based initiative can help to promote “confidence” in the “integrity and accountability” of the gold that is traded. Some of the most prominent organizations in the gold industry have joined forces to launch a new “integrity program” that utilizes blockchain technology for supply chain management — a move that’s intended to help market participants verify the authenticity of their bullion.London Bullion Market Association (LBMA) and the World Gold Council (WGC) announced Monday that they are collaborating to develop an “international system of....
The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cavatoni, explained on Friday that he believes the gold industry will integrate with blockchain technology in order to “help the industry standardize reporting.” Cavatoni spoke about the London Bullion Market Association’s (LBMA) and WGC’s Gold Bar Integrity Programme (GBI) which aims to methodize “an international system of gold bar integrity, chain of custody and provenance.”
Gold Bar Integrity Initiative Will Help Investors Feel ‘Comfortable Knowing....
Goldmoney, the gold-based savings and payments network, has launched a new platform which allows users to purchase gold held in the Royal Canadian Mint’s vault with the transaction recorded on a private Blockchain. Buyers pay a fee of 0.5% and as an added bonus enjoy free storage for up to 1,000 grams of the precious metal. Josh Crumb, co-founder and chief strategy officer of Goldmoney explains: “We were fairly early Blockchain enthusiasts and we have always been very interested in the principles of Blockchain technology. So what we did was build a platform covering what the gold industry....
Proof-of-stake is a method of maintaining integrity in a blockchain, ensuring users of a cryptocurrency can’t mint coins they didn’t earn.
IOEN, an energy-focused project by a group of people passionate about saving the environment, has announced its successful funding. According to the official statement, the project has closed at a $2.8M investment by notable investors and blockchain leaders. They have chosen to use a combination of Holochain and efficient energy use to significantly cut back on total energy requirements and help the integration of renewable energy in communities worldwide. Cryptocurrency despite its many benefits is detrimental to the environment on a scale that many people choose to ignore. Ethereum and....