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

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  • The London Bullion Industry Affiliation and the Planet Gold Council launched a pilot software to digitally monitor gold going by way of the world-wide supply chain.

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

  • Shoppers and buyers want to know their gold has been responsibly and sustainably made, claims the World Gold Council.

Two significant gold groups on Monday introduced a pilot software to digitally observe gold relocating via the worldwide source chain as a way to assure authenticity and bolster transparency within the industry for the precious metallic.

The London Bullion Market place Association and the World Gold Council mentioned 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 eventually goes to so-named end customers these as jewelry producers. The groups want to guard the market place from counterfeit gold or gold that is been illegally mined.

“Shoppers and buyers want to know their gold has been responsibly and sustainably manufactured and tracing the origin of gold bars will assistance enforce the highest criteria across the total supply chain,” Planet Gold Council CEO David Tait explained in a statement.

The LBMA and the WGC stated the plan about time is to really encourage all key contributors in the industry to adopt blockchain technological know-how so that all gold bars are digitally registered and tracked.

Two dispersed ledger corporations, aXedras and Peer Ledger, will display their technology less than the initial phase of the software.

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