Gold Industry Tests Tracking Supply Chain With Blockchain Technology
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- The London Bullion Sector Association and the Planet Gold Council released a pilot plan to digitally keep track of gold going through the world source chain.
- The Gold Bar Integrity Programme will test a blockchain-dependent ledger aimed at monitoring gold bars from mine to vault.
- Consumers and buyers want to know their gold has been responsibly and sustainably produced, says the Entire world Gold Council.
Two main gold groups on Monday launched a pilot application to digitally observe gold transferring via the world wide offer chain as a way to make sure authenticity and bolster transparency inside the sector for the precious steel.
The London Bullion Sector Affiliation and the Environment Gold Council said the Gold Bar Integrity Programme will use a blockchain-backed ledger to register and observe the full history of gold bars from mine to vault — gold that finally goes to so-termed conclusion individuals this kind of as jewellery brands. The teams want to guard the market place from counterfeit gold or gold which is been illegally mined.
“People and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will assist enforce the optimum specifications across the full provide chain,” Entire world Gold Council CEO David Tait stated in a statement.
The LBMA and the WGC explained the plan over time is to motivate all main individuals in the industry to adopt blockchain technological know-how so that all gold bars are digitally registered and tracked.
Two distributed ledger firms, aXedras and Peer Ledger, will demonstrate their engineering beneath the initial phase of the software.
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