Like the Bitcoin and other cryptocurrencies, a financial technology company based in the US is looking to come out with a digital gold rush through the Blockchain technology.
Emergent Technology Holdings is the company that wants to digitally encode the supply chain of gold using the Blockchain technology. They want to start in the first half of 2018.
The Chief Commercial Officer of Emergent, Mitchell Davis, said that the company is looking to create a digital token that will be backed by gold. They are looking at trading the yellow metal with greater liquidity.
By keeping track of the gold supply chain digitally, the company will be able to offer details about each piece of metal. It will be able to say if a certain piece of gold is sourced from the correct place. It can also be used to check the purity of the gold. The Blockchain technology will be used to record all the details about the gold supply chain.
The Emergent company will be joining hands with Yamana gold to develop the G-coins. Each of the G-coins will be equal to the value of one gram of pure gold. It will be a carrying the price of the gram of gold. The G-coins can be used for investing, payments and wealth transfer.