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Tradewind expands the blockchain platform for trading silver VaultChain metals

The financial technology company Tradewind Markets has made its VaultChain metal trading blockchain platform available to silver producers, based on its work with mining companies that have begun this year.

One of the very first customers of the new service, says the company, is the Japanese Sumitomo Corporation Global (SCMI US Inc.), but the team is sure that there will be many others in the future.

"Our customer base has expressed strong interest in a digital silver solution to integrate our products into gold, making it a logical next step in our development," says Steve Lowe, Head of Business Development at Tradewind. "Now users can digitally exchange and store silver along with their gold positions, and above all, offer another convincing investment solution for their end customers."

There are already some examples of the use of blockchain in the mining industry, especially in the diamond industry, which uses it to trace the precious stones.

There are already some examples of the use of blockchain in the mining industry, especially in the diamond industry, which uses it to trace the precious stones. But the application of the revolutionary technology behind Bitcoin cryptocurrency between gold and silver producers is not clear.

"Blockchain technology is perfectly suited to the precious metals market," says Fraser Buchan, co-founder of Tradewind at MINING.com. "It is a safe and lasting solution to maintain ownership of hard assets – neither party controls access to or tamper with property registers – and allows the market to take advantage of all the efficiencies associated with trade execution digital and settlement, "he says.

According to the executive, the fact that VaultChain supports different use cases and business models provides miners with the opportunity to execute that sale with a diverse set of market participants.

"Using a blockchain allows parties to settle these transactions more securely and efficiently," Buchan explains. This is because the platform allows you to run "smart contracts", which are programs stored in a blockchain that automatically moves digital assets between accounts when the conditions encoded in it are met.

Tradewind was a finalist in Goldcorp's Disrupt Mining competition in 2017. The gold producer later became a shareholder in the company.

VaultChain Silver is supported by the Royal Canadian Mint and Tradewind plans to bring it to large organizations, such as banks, that perform physical trading on metal.

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