Digital assets move to blockchain
The Royal Mint is a British Institution specialised in coinage production and gold bullion trade, whose history spans over 1100 years. Always looking to the future, the Mint chose to work on digital solutions for the next millennium.
Inspired by Bitcoin’s emergence, the Mint decided to create a blockchain that would allow their customers to complete transactions in gold anywhere in the world with the same simplicity as sending a text message.
The key challenge was to create a design that would associate the benefits of a decentralised blockchain system and a centralised issuer of gold tokens; as well as meet international regulatory compliance standards. The project was expected to improve the efficiency of transacting gold, while, at the same time, securing the Royal Mint as a token issuer. It also had to be accepted globally through anti-money laundering controls. Failure to fulfil these criteria meant that there was no point in moving forward.
The Royal Mint and Cryptonomy began working on the Royal Mint Gold (RMG) in 2012.
Based on the Royal Mint’s requirements, Cryptonomy first produced functional specifications, inclusive of legal advice, so that the Royal Mint could embark on discussions with regulatory bodies, followed by pursuing business partnerships for a fully scalable ecosystem of services.
Cryptonomy also helped the Royal Mint review and appraise potential service providers for suitability and chance of success. Having a team of experts from software development through to trade and legal regulation, we were able to offer the best recommendations to our client.
Once the final pool of core partners was decided, it was time to shift gear to project management. Large projects need room to accommodate uncontrollable changes that happen naturally and inevitably over time, such as turnover of staff, evolution of the marketplace, and progress of legislation. Fluctuations like these were dealt with seamlessly.
Another crucial point on this project was customer engagement. The RMG needed to easily integrate into workflows already in use by customers. In order to achieve this, we held interactive demonstrations that invited feedback. Later, the delivery process assimilated the advice obtained.
In July 2017, the RMG blockchain was born, alongside an advanced enterprise wallet for real world testing with real gold. Through our diverse expertise and an interactive design approach, we delivered a system that serves RMG needs impeccably and is now an open-source audit, free to view and re-use.
Cryptonomy’s team continues to provide ongoing technical assistance to the Royal Mint in supporting and launching its RMG product.