Some of the most prominent organizations in the gold industry have joined forces to launch a new “integrity program” that uses blockchain technology for supply chain management, a move intended to help market participants verify the authenticity of your bullion.
The London Bullion Market Association (LBMA) and the World Gold Council (WGC) announced Monday that they are collaborating to develop an “international gold bullion integrity, chain of custody and provenance system” that It is based on the Blockchain technology developed by the aXedras and Peer Ledger companies. The ledger will be used to record and track gold bullion at every stage of the production and distribution cycle, including mining, vault storage and purchase by jewelry manufacturers.
The call Gold Bullion Integrity Program It is supported by organizations such as CME Group, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, Hummingbird Resources, Argos Heraeus SA, Asahi, Aura Minerals, Perth Mint and others.
Initially developed as a pilot, the program will eventually be promoted for use throughout the gold industry, the LBMA and WGC said.
Supply chain management is cited as one of the most promising use cases for Blockchain technology. As Cointelegraph reported, more than half of the companies added to Forbes’ 2021 Blockchain 50 list were companies actively using distributed ledger technology to solve their supply chain and logistics issues. In April 2021, US defense contractor Lockheed Martin said that it was using Blockchain technology for supply chain management in Switzerland.
Our CEO David Tait and LBMA CEO Ruth Crowell today announce the launch of a new Gold Bar Integrity Programme. Together with @lbmaexecutivewe will develop and implement an international system of gold bar integrity, chain of custody and provenance: https://t.co/jcZ6V1wYLB pic.twitter.com/x7klqZ8WTL
— World Gold Council (@GOLDCOUNCIL) March 28, 2022
Our CEO, David Tait, and LBMA CEO, Ruth Crowell, today announce the launch of a new Gold Bullion Integrity Program. Together with the LBMA, we will develop and implement an international gold bullion integrity system, chain of custody and provenance
Issues such as illegal mining, laundered gold, fake bullion and human rights abuses have made the gold industry particularly vulnerable to supply chain opacity. In 2020, the Organization for Economic Co-operation and Development released a report offering guidance on how gold producers could avoid contributing to “serious abuses” in the mining and production process.
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