"Blockchain Inevitably Will Overcome Us" –-Goldcorp CEO
Mar 01, 2018
Guest(s): David Garofalo President and CEO, Goldcorp
Blockchain technology will eventually be ubiquitous, like the internet is, and extend its applications from exclusively financial services to general merchandise and services, said David Garofalo, CEO of Goldcorp.“[Blockchain] will drive out transaction costs, and also help track the provenance of our transactions, whether it’s our gold, where it’s being sourced, whether we’re procuring from ethical suppliers,” Garofalo told Kitco News on the sidelines of the BMO Global Metals & Mining Conference. “That’s what blockchain provides is that integrity in the transaction process that currently is not available.”His comments come as Goldcorp has embarked on a program to incorporate the latest technology aimed at improving operational efficiency, such as artificial intelligence and blockchain.On gold prices, Garofalo said that he expects the yellow metal to perform well in today’s current macroeconomic conditions.“Gold is a barometer of [inflation], and in a rising nominal rate environment, inflation is going up as well, real rates go down, and gold does well in that context,” he said.
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