- The
London Bullion Market Association and theWorld Gold Council launched a pilot program to digitally trackgold 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.
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
"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.