Some makers and sellers of gold coins and bars are turning to blockchain, the digital ledger that underpins bitcoin, hoping to add some cryptocurrency luster to bullion trading.
In doing so, the industry is banking on a trend that has seen a lot of buzz, but so far little result. Businesses from iced tea to photography have embraced blockchain in name, as last year’s cryptocurrency craze ignited interest in the technology.
This year, producers and traders are experimenting with a platform that logs ounces of bullion on a digital chain of ownership and creates a representation of trades. Gold sellers are hoping blockchain technology will help win over investors who dismiss bullion as burdensome to own or simply outdated.