The gold industry is testing blockchain technology to track the global market’s supply chain of bars

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  • The London Bullion Market Association and the World Gold Council launched a pilot program to digitally track gold moving through the global supply chain.

  • The Gold Bar Integrity Programme will test a blockchain-based ledger aimed at monitoring gold bars from mine to vault.

  • Consumers and investors want to know their gold has been responsibly and sustainably produced, says the World Gold Council.

Two major gold groups on Monday launched a pilot program to digitally monitor gold moving through the global supply chain as a way to ensure authenticity and bolster transparency within the market for the precious metal.

The London Bullion Market Association and the World Gold Council said the Gold Bar Integrity Programme will use a blockchain-backed ledger to register and track the full history of gold bars from mine to vault — gold that ultimately goes to so-called end consumers such as jewelry manufacturers. The groups want to guard the market against counterfeit gold or gold that’s been illegally mined.

“Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain,” World Gold Council CEO David Tait said in a statement.

The LBMA and the WGC said the plan over time is to encourage all major participants in the industry to adopt blockchain technology so that all gold bars are digitally registered and tracked.

Two distributed ledger companies, aXedras and Peer Ledger, will demonstrate their technology under the initial phase of the program.

Read the original article on Business Insider

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