In what may be a move that could trigger off a virtual revolution in the way gold is traded, Goldcorp Inc has created a first deposit of gold onto Tradewind’s blockchain, known as VaultChain™. The transaction marks the the launch of VaultChain™, a cutting-edge technology that integrates physical gold into a blockchain.

Goldcorp’s 3,000 ounce deposit, valued at US$4 million is described as a “genesis block”, the first block in a blockchain, and therefore, represents a tremendous milestone for blockchain technology, the two companies said in a joint release.

They believe that it has the potential to change the gold investment industry like the introduction of ETFs did over 10 years ago.

Originating from the storied Red Lake Gold Mines complex, Goldcorp’s deposit will be used to sell gold directly to dealers and banks using the Tradewind platform. It will be the first attempt to record and manage physical precious metals in an institutional setting, and will help expand access to a new market structure and a highly efficient, electronic pricing and liquidity venue.

David Garofalo, President and CEO at Goldcorp, said, “We believe physical gold stored on a blockchain will increase the utility of the commodity and, ultimately, drive value in the price of gold. We are thrilled to be an early adopter of this 21st century platform and deposit its first bar of gold.”

Matt Trudeau, President and co-founder of Tradewind, commented, “We believe that our technology will enable gold producers like Goldcorp to overcome existing limitations and move into the electronic age.”

Tradewind and Goldcorp will collaborate to continue building the platform and add value for producers, dealers, refineries and investors. Tradewind was a #DisruptMining finalist in 2017, the mining innovation accelerator designed to encourage new technologies and ideas to solve some of the biggest challenges in mining.