Tradewind Markets, a blockchain-powered gold trading platform backed by stock trading firm IEX, has developed and launched a system for stablecoin issuers on its platform to track the provenance of their precious metals, reported Cointelegraph on November 6th.
Tradewind is taking its shot at stopping counterfeit gold seals and helping precious metals investors find metals that are produced responsibly. Designed with the Royal Canadian Mint and built on R3’s Corda Enterprise platform, Tradewind Origins tracks the geography and name of the mine as well as under what standards the metal was produced.
“If you are a miner who produces responsible metal, once the bank buys the metal, it loses its identity [...] That bank sells it to a wholesaler network down to a corporation. That miner is challenged to be able to advertise its metal. For the first time ever, the miner that produces responsibly is going to be able to tag their metal to advertise it to downstream buyers,” said Michael Albanese, Tradewind Chief Executive.
The entire journey of the metal, from the mine to the warehouse, can be tracked through the blockchain at whatever level of granularity the supply chain manager desires. That means companies can more easily show appropriate sourcing to regulatory agencies with less tedious paperwork. Using a blockchain, they can reveal as much information as needed for regulators to see everything is in order and audit supply chains, while still protecting sensitive industry information.
Tradewind users can be assured that metals on the platform are ethically sourced because of a partnership with the Royal Canadian Mint. The agency can accept the delivery of metal sent from suppliers, approve or reject the supplied Tradewind Origins information and register the metal on the Tradewind platform. As a result, buyers and sellers who use the Tradewind platform can be certain that the supplier and the refiner alike have adhered to industry standards and regulations.