Friday, August 18, 2017

Wall Street preparing to move paper gold markets onto the blockchain

There seems to be a hard and fast rule on Wall Street that goes, if you can profit from fraud, then said fraud becomes part of a company's business strategy.  And all one has to do is look at how many banks have been busted by regulators for manipulating markets while only having to pay a pittance in fines.

So with this being said, one has to be very cautious when a given financial services company wants to move the entire gold trading market onto the blockchain, because if done correctly, this would hamper their ability to manipulate prices and short infinite amounts of contracts.

The bitcoin revolution has caught the attention of traditional banks and hedge funds. Financial companies are working on a platform that will use blockchain technology to verify and record transactions in gold trading. 
Exchange owner CME Group, TradeWind Markets, and financial technology firm Paxos are working to make the $27 billion-a-day gold market digital. 
The companies say it will add more transparency and security to the gold market. 
“Digital gold would take market share away from other gold instruments: futures, physical gold bullion, gold ETFs,” Ebele Kemery, head of energy investing at JPMorgan Asset Management told Bloomberg. 
Blockchain can be quite handy in gold trading, as it is safe and fast, says Pierluigi Paganini, CTO at CSE Cybsec Enterprise. 
“It is quite secure from the technical perspective, but you have to trust the entire system. It is for sure faster than traditional trading, and it is cost-effective,” he told RT. 
“It overcomes the difficulties like moving gold around or transporting it quickly,” Paganini added. – Russia Today

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