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Commodities In Fashion: GoldMint Gives Stale Trading A Blockchain Facelift

· September 2, 2017 · 12:10 pm

Commodities were once synonymous with old money and the elite, but in the age of cryptocurrency, they are making an unstoppable comeback.

Commodities in the Age of Crypto

In 2017, commodity trading focused on precious metals particularly is becoming vogue once again – but this time for anyone with Bitcoin holdings.

While commodities naturally come in more forms than metals – energy and foodstuffs, for example – it is gold that has found a natural rebirth as a tandem partner with cryptocurrency owners.

Gold remains stable. Despite its comparatively underwhelming performance versus Bitcoin for shorters, the metal fundamentally serves its purpose as a shield from fiat controls.

“The broad masses of the population are interested in buying stable assets backed by real gold, as most local currencies experience a devaluation against the dollar. Use of Blockchain  technology simplifies this process and makes it more transparent for all participants,” Dmitry Pluschevsky, CEO of Blockchain-based gold platform GoldMint explained to Bitcoinist.

‘Backed By GOLD’

Stemming from the cryptocurrency industry, an increasing array of startups are offering investors exposure to precious metals through the medium of digital tokens instead of brokers and dealers.

GoldMint is positioning itself as a advancement which will revitalize the tired pawnbroker industry and its reputation, offering trading and storage of gold assets combined with a gold-backed digital asset, GOLD tokens.

The ecosystem is designed to be self-sufficient, swapping human links in the chain for Blockchain-powered automation, principally in the form of a so-called Custody Bot which creates an immutable record of every operation.

The machine functions are an automated pawnbroker, storing, inspecting and weighing gold while remaining independent of third parties using Blockchain-backed data.

“We think it is very important to have direct proof of the commodity backing tokens,” CTO Konstantin Pichugin continued.

“Let’s imagine there is no any proof-of-assets protocol. It means nobody really understand how much commodity we really have. In this case nobody will trust us. Such token will be the same as USDT and only people who love huge risk would use it.”

Marrying Digital Tokens With Commodity Support

The concept of a commodity backing digital tokens is already not entirely new. Bitcoin holders have long been able to use their digital assets to hold gold and even take physical delivery of ingots to cut out third party storage altogether.

Like legacy commodities trading, GoldMint also uses exchange-traded funds (ETFs) to facilitate investor exposure.

As Blockchain technology progresses at a record pace, however, so are the solutions it can support, making the GoldMint Custody Bot a newcomer to the gold industry.

“GOLD cryptoassets have to be considered as a hedging instrument,” Pluschevsky added.

“While almost all cryptocurrencies are very turbulent, GOLD cryptoassets backed with real gold bullions and ETF have extremely low volatility.”

The project is still in its infancy despite the technology rollout, however, and an ICO (link to the ICO page) on September 20 is intended to launch GOLD onto the world stage and fund the roadmap for the next few years.

Participants will receive bonus token allocations for early participation.

What do you think about commodity trading’s comeback on the Blockchain? Let us know in the comments below!

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Led 08

GFT Deploys Physical Asset Platform Tracked By Blockchain Tech

Source: bitcoin

GFT Deploys Physical Asset Platform Tracked By Blockchain Tech

LONDON, January 7, 2016 Businesses everywhere are starting to see the great benefit of distributed ledger technology and with this popularity comes a daily announcement of companies utilizing this emerging tool. Now GFT the IT software service provider and consulting firm has announced its deployment of a blockchain-based commodities consensus platform for its clientele. The U.K.-based service believes this new tech will change the landscape within the finance sector and launches its latest project stating on its website:

“GFT launches “Project Jupiter” in London: Disrupting financial service industries with Blockchain”

Also read: Bitstamp Enables Bitcoin Purchases Through Plastic Cards In UK And Slovenia

The company created the new application to help improve its “leveraged expertise” in commodity markets. Project Jupiter will demonstrate the ability to track these assets through a blockchain platform. The GFT Data department is led by Nick Weisfeld, Jon Cooke, and Julian Eyre and will begin development of the “blockchain proof-of-concept” within the coming days. The company’s joint head of the data project explains GFT’s interest in the technology saying, “GFT recognises that, whilst Blockchain has the potential to transform how people do business and co-operate with one another, such improvements cannot be made with technology alone. The current Blockchain phenomenon has encouraged traditional industries with rigid and established legacy processes to look at how they do business through a new lens, promoting some truly disruptive thinking. At GFT, we encourage all consultants working on active client engagements to explore their ideas and to not be limited by traditional modes of operation or convention.”    

Nick Weisfeld, GFT

GFT says the “Data-focused” competition they held this past summer and innovations created in October have led to the proof-of-concept protocol. The company reveals its fortunate to have access to an “in-house innovation space create@GFT”. Utilizing the CODE_n platform, GFT enables an array of international operations to access disruptive financial applications and markets. Gareth Richardson, Managing Director GFT UK said, “It is great to see my team at GFT driving an agenda for industry disruption and innovation. This project is really exciting as we all believe that Blockchain has the potential to be a hugely significant idea for our industry. However, currently there is a lack of practical applications outside Bitcoin, and it is great to see us leading the drive in this regard.”

The team plans to blog and share the experiences they have and create over the course of the next few weeks. They want to help other businesses who are interested in deploying distributed ledger technology and give detail to “what you should consider when embarking on a Blockchain project.” GFT seems to be excited to embark on this voyage into uncharted territory and its trending economy. Blockchain technology is growing more popular by the minute, and businesses everywhere are starting to get involved. Existing financial providers are catching wind of the FinTech and cryptocurrency revolution and are either choosing to be a disruptor or be disrupted. It seems that this choice is being set on the table of every boardroom meeting, and legacy institutions are choosing to join in on innovation. GFT’s Juniper projects and data competition is just one example of these companies taking strides.

How many businesses will adopt blockchain technology this year? Let us know in the comments below.    

Images courtesy GFT’s Blog, and Redmemes 


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GFT Deploys Physical Asset Platform Tracked By Blockchain Tech