One of the best use cases for blockchain is the banking industry.
Nasdaq claimed blockchain has potential for reducing settlement time and risk exposures over 99% when the exchange implemented its own blockchain-based platform in 2015. At the time, former CEO of Nasdaq Bob Greifeld said, “Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital markets infrastructure systems. The implications for settlement and outdated administrative functions are profound.”
Nasdaq isn’t alone, as the Comex, the world’s leading commodity exchange, has an interesting partnership with The Royal Mint. While developing the blockchain together, The Royal Mint has developed RMG, Royal Mint Gold. Each RMG represents direct ownership of physical gold bullion stored within The Royal Mint vault. 1 RMG represents ownership of 1 gram of real gold. RMG has no ongoing storage or management fees, which means you keep the full value of your asset. Investors will be able to trade RMG with real-time pricing 24/7, 365 days a year, in the secondary market. You are able to send and receive RMG to anyone using a BitGo RMG Wallet.
It is interesting that government organizations such as The Royal Mint are already rolling out blockchain based payment systems, backed by gold! Could we be seeing the beginning of a new gold standard come into existence though blockchain?
Many private companies are trying to lead the way. There’s even an idea for a gold-focused crypto exchange. Unfortunately many of these projects turn out to be a scam. It’s clear though, cryptocurrenies have a way of bringing individuals into gold investment.