The London Bullion Market Association (LBMA) and the World Gold Council (WGC) are collaborating to develop and implement an international system of gold bar integrity, chain of custody and provenance. Over time, this will help consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced, says a press release from WGC.
To deliver this industry-wide and ground-breaking development for the market, LBMA and WGC have brought together representatives from the global gold supply chain to launch a pilot phase of the project.
This initial phase will see two distributed ledger companies (aXedras and Peer Ledger) demonstrate how their technology can best deliver a global ecosystem that will create an immutable record of a gold bar’s place of origin and chain of custody. This blockchain-backed ledger will register and track bars, capturing the provenance and full transaction history.
Over time, the plan is to encourage all major participants in the gold industry to adopt this technology, and add to the global ecosystem, so that all gold bars are registered and tracked across the entire supply journey from mine to vault, and ultimately to end consumers such as jewellery manufacturers. This will effectively digitise the global supply chain of gold bars.
The Gold Bar Integrity Programme supports greater industry alignment to ensure the future growth of the international gold market.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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