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The Value of Gold & WCG

Gold has always been regarded as the highest form of wealth throughout different civilizations, time, race, religions and political communities. From the perspectives of the international market, gold is catching up with long-term bull markets, thus establishing a strong confidence level for institutions and individual investors.

Together with the rapid development of Internet, gold trading is on a brink of a new revolution of wealth. Accompanied by the advent of the blockchain technology, you will now be able to “swipe your gold” like what you would do with a credit card.

The WCG Global has announced significant progress in the gold trading test based on blockchain technology, and will launch a blockchain-based gold trading product called, “WCG”. With blockchain technology however, it can provide a “higher level of traceability and auditing” characteristics. It also provides a record of ownership that cannot be tampered, and thus enabling gold ownership to become more transparent, which then provides the trading market with higher liquidity for traders and investors.

The use of a blockchain distributed ledger means that the gold exchange ownership can now be divided into many smaller portions, all of which transactions can therefore be recorded on a distributed ledger. In addition, traditional gold pricing mechanisms have been to known to have serious problems, a few of which include the issue of transparency, inefficiency and highly susceptible to manipulation. These have brought about a huge obstacle to the development of modern gold trading.

Physical gold preservation and the carrying of it is inconvenient, where the risk is also difficult to justify. However, the long awaited “golden age” of gold possession is now possible with the availability of blockchain technology, which will subvert the traditional gold market.

The gold trading platform based on the blockchain technology is a huge milestone in the gold trading market. Investors will have more trust on “digital gold” as gold pricing system problems would have been eliminated as the authenticity of the assets can be identified, thus expanding the gold market and increasing trading volume.

Not long ago, the Islamic countries financial market issued a new regulation, allowing the Islamic financial market to use digital gold as an investment. This has again boosted the blockchain-based gold platform by opening up a potentially huge market.

 

Today, WCG investors will no longer rely solely on “paper gold” and “gold reserve bank”, but are also able to own gold through the supply of blockchain-based gold products as a solid backing.

Blockchain technology has opened up a new era of digital money. If all gold deals are eventually traded through a blockchain platform, investors can sell in cash or electronic form. The distributed ledger mechanism will enable settlement and the establishment of an asset ownership in an effective timely manner.

This will significantly simplify the actual amount of gold savings. As central banks such as People’s Bank of China (PBOC) and Bank of England has become increasingly interested in blockchain technologies and digital money, eventually more and more people will come to explore cryptocurrencies.

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