LBMA CEO Ruth Crowell same the new blockchain-based initiative will facilitate to promote “confidence” in the “integrity and accountability” of the gold that is traded.
Some of the foremost outstanding organizations within the gold business have joined forces to launch a brand new “integrity program” that utilizes blockchain technology for provide chain management — a move that’s meant to assist market participants verify the authenticity of their bullion.
London Bullion Market Association (LBMA) and therefore the World Gold Council (WGC) proclaimed weekday that they're collaborating to develop an “international system of gold bar integrity, chain of custody and provenance” that’s supported blockchain technology developed by corporations aXedras and Peer Ledger. The ledger are going to be accustomed register and track gold bars at every stage of the assembly and distribution cycle, as well as mining, vaulting and get by jewellery makers.
The alleged Gold Bar Integrity Programme is being supported by organizations like CME cluster, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, apodiform bird Resources, Argos Heraeus Storm Troops, Asahi, Aura Minerals, state capital Mint and others.
Initially developed as a pilot, the program can eventually be promoted to be used across the gold business, LBMA and WGC said.
Supply chain management is cited joined of the foremost promising use cases of blockchain technology. As Cointelegraph reported , over half of the companies else to Forbes’ 2021 Blockchain fifty list were enterprises actively using distributed ledger technology to unravel their provide chain and supplying problems. In April 2021, american defense contractor Lockheed Martin said it had been using blockchain technology for provide chain management in Switzerland.
( Sam Bourgi, cointelegraph, 2022 )