There is a lot of talk about Bitcoin versus gold, but the blockchain technology that serves as the foundation for Bitcoin may become an important part of the gold market in the future.
According to a Bloomberg report, the London Bullion Market Association (LMBA) plans to seek proposals including the use of blockchain to track gold ownership.
Markets in commodities from crude oil to diamonds and even tomatoes are looking at using the digital ledger technology that underpins cryptocurrencies like Bitcoin — known to some as ‘digital gold’ — to track ownership. Tracing gold supply is key to preventing metal that funds armed conflict from entering world markets, identifying owners and maintaining security from mine to vault.”
