Page 34 - Bullion World Issue 01 Volume 06 January_2026

Bullion World | Volume 6 | Issue 01 | January 2026

Mr Michael So: Turning Gold into Code
From vaults, the discussion moved to blockchain
mechanics with Michael So, who explained the
technology without losing sight of reality.

He described blockchain in simple terms: a secure
digital ledger that records ownership. A token, in this
sense, is just a record stating that a specific wallet
owns a specific quantity of gold.

But not all tokens are equal. Some represent true
ownership, while others represent a claim or promise
(for example a warehouse receipt). He explained
how different token standards handle transfers-some
allowing free movement, others adding compliance
checks suited for institutional use.

Importantly, he noted that moving gold tokens between
blockchains is no longer theoretical. Interoperability
Mr Michael So
already exists, and newer standards allow errors or
breaches to be corrected if something goes wrong.

His conclusion was reassuring but realistic: “The
technology is ready-but real assets demand strong
controls”.

Mr Robert Farquhar, Chief Commercial Officer,
Ctrl Alt- From Innovation to Institutions
Next, Robert Farker shifted the focus to markets and
institutions.

Creating a token, he said, is easy. The difficult question
is: what does the token legally represent? A tradeable
option, or real ownership of gold?

True value emerges only when tokens represent actual
ownership, not financial abstraction. That is when
tokenised gold starts to matter to large bullion players.

Robert noted a clear shift in industry mood. Institutions
that once dismissed tokenisation are now actively
exploring it. They move slowly, but with purpose. And
when they commit, they bring scale, stability, and
credibility. On risk, he was clear-eyed. Tokenisation
does not eliminate risk-it makes it visible, measurable,
Mr Robert Farquhar
and programmable.

Institutions are coming-carefully, but decisively.

34