Goldcorp makes 3 000 oz ‘genesis block’ deposit as first blockchain technology used to store hard assets

VANCOUVER (miningweekly.com) – Major gold producer Goldcorp has made a 3 000 oz gold deposit into Tradewind Markets’ VaultChain platform, representing a significant milestone for blockchain technology to track and store hard assets.

Goldcorp’s deposit reflects the ‘genesis block’ – the first block in a blockchain – and is the first example of blockchain technology being used to record and manage physical precious metals in an institutional setting. Goldcorp will be able to sell gold directly to dealers and banks using the Tradewind platform, expanding access to a new market structure that is efficient, has electronic pricing and high liquidity.

"We are excited to be an investor in Tradewind and participate in the launch of VaultChain, a cutting-edge technology that integrates physical gold into a blockchain. We believe physical gold stored on a blockchain will increase the utility of the commodity and, ultimately, drive value in the price of gold. We are thrilled to be an early adopter of this 21st century platform and deposit its first bar of gold,” Goldcorp president and CEO David Garofalo commented in a statement on Thursday.

Tradewind and Goldcorp will collaborate to continue building the platform and add value for producers, dealers, refineries and investors. Tradewind was a #DisruptMining finalist in 2017.

“We believe Tradewind has the potential to change the gold investment industry like the introduction of ETFs [exchange traded funds] did over ten years ago,”Garofalo noted.