We are confident that blockchain will provide a broad overview of the global supply chain of precious metals and will forever change the business model in this industry.
WIth the use of blockchain in this industry, you can carefully track the supply chain and confirm the quality of the precious metals provided. Blockchain platforms developed for companies associated with gold mining and the sale of precious metals can directly connect producers, sellers and investors, greatly facilitating and optimizing the trading process.
Let’s turn to world practice! In mid-January 2020, Tradewind Markets announced the completion of the first gold sale transaction using Tradewind Origins blockchain platform. The deal included the transfer of gold from Agnico Eagle Mines to the Bank of Montreal. As part of the deal, 5,000 ounces of gold worth about $7.4 million were transferred.
Launched in November 2019, the Origins platform tracked the transfer of owner and supply chain data until the Bank of Montreal took ownership. Agnico Eagle Mines provided information about the origin of gold mined at the Laronde mine in Quebec, and the Royal canadian mint checked the quality and confirmed the origin of the precious metal.
