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JPMorgan will use its new blockchain to ‘tokenise’ gold bars, according to the Australian Financial Review.
Commodities on a blockchain
This doesn’t mean that the bars will be physically sucked through a screen and transformed into electronic incarnations of themselves à la “Tron” (1982); rather, that ownership will be represented by electronic tokens rather than paper certificates.
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The advantage of this is threefold: ownership/transactions are recorded/executed in an open and indelible manner; ownership can be more easily divided up, and the resulting shares can be bought and sold without the involvement of a third party.
Umar Farooq, ... (read more)