According to TV channel ABC News, Australia’s largest enterprise is currently developing its own digital currency that will be physically backed by gold.
The virtual currency will be developed using Blockchain Bitcoin technology. It will help identify the origin of the gold. The mint is going to suggest its clients high-quality product that combines digital innovations of the finance sector and reliability of precious metals.
Richard Hayes, the head of the company, noted that there was “massive capital drain on cryptocurrencies”. As a result investors turn their backs to the traditional ways of value storage.
He says that the gold-backed cryptocurrency traded on blockchain will have its own value:
“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”
Hayes also noted that the company is thinking to start using blockchain.
This promising application will allow to track the whole way a gold bar, which will be written and confirmed in read-only, transparent blockchain – from the mine to the buyer.