IEX Group Wants to Make Gold Trading 100% Transparent via Blockchain

The team behind the alternative IEX Exchange, which rose to fame thanks to the “Flash Boys” book by Michael Lewis, is now planning to disrupt the gold trading market. IEX's TradeWind Markets is reportedly already working on utilizing the power of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology to bring transparency to this very popular but opaque instrument.

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TradeWind's board member and a managing director at Bain Capital Ventures, Matt Harris, told the Reuters news agency a solution might reach the market in a few months. Describing the problem with the current way the gold market works, he said: "It's too slow, it's opaque as to who owns what and when along the way, and there's lots of room for error that requires manual reconciliation. A system that was instantly self-reconciling and 100 percent transparent would solve a lot of problems."

The IEX isn't the first to think about utilizing the technology for this purpose. In June we reported for example that New York based institutional Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange and blockchain technology company, itBit, has been selected by Euroclear group to explore opportunities for creating a next generation settlement service for the London gold market. Euroclear and itBit explain that they are working with other relevant market participants to develop a service to significantly minimize risk leading to a reduced capital charge, offer true delivery versus payment and reduce balance sheet constraints.