LONDON, 17 August 2017 – Global data and news provider Bloomberg today quotes BullionVault's view of data systems using blockchain could impact the wholesale gold market.
"The blockchain revolution," explains Bloomberg, is built on "public online ledgers that emerged from the explosive markets for bitcoin, a virtual currency."
Targeting the physical gold market in London – worth at least $6 trillion per year and currently dealt 'over the counter' between each buyer and seller directly – several big-name trading exchanges including the CME Group say they are about to launch blockchain 'solutions'.
But "blockchains won't solve any problems related to the physical delivery of gold," Bloomberg quotes BullionVault research director Adrian Ash.
"You need a truck to move it. Blockchain doesn't solve the truck problem."
Read Adrian's full comment on why blockchain can't "revolutionise" the gold market at Bloomberg here:
