Dovetailing off of its 2016 blockchain-backed project announcement aimed at providing physical gold that's cost-effective, convenient and assured, the UK's Royal Mint and the Chicago-based CME Group has now begun live testing Royal Mint Gold (RMG).

The CME system for RMG, powered by AlphaPoint, is currently undergoing rigorous testing with institutional traders. Its goal is to create a trading platform that satisfies customer demands for a more rapid, cost-effective and secure means of purchasing, storing and selling gold.

In addition, Blockchain security company BitGo has been collaborating with CME Group in developing the architecture, rules and parameters of the blockchain. The multi-signature wallet technology BitGo currently uses for its current client base will be the foundational security protocol for RMG. This is generally regarded as the safest way to deal with digital assets like gold. Developers, business and research are able to now access the code for evaluation and testing purposes.