Gold Industry Taps Blockchain For Supply Chain Management And Fraud Prevention

The gold industry’s most well-known companies have teamed up to develop a new “integrity program” that uses blockchain technology to regulate supply chains. 

A step aimed at assisting market players in determining the genuineness of their bullion

The London Bullion Market Association (LBMA) and the World Gold Council (WGC) announced on Monday that they are working together to create an”international system of gold bar integrity, chain of custody, and provenance” based on blockchain technology developed by ax draws and Peer Ledger.

The ledger will be used to register and track gold bars at every stage of the manufacturing and distribution process, including mining, vaulting, and jewelry manufacturer purchases.

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Organizations such as CME Group, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, Hummingbird Resources, Argos Heraeus SA, Asahi, Aura Minerals, Perth Mint, and others are supporting the so-called Gold Bar Integrity Programme.

The program, which was initially established as a pilot, will eventually be encouraged for usage across the gold sector, according to the LBMA and WGC.

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One of the most potential applications of blockchain technology in supply chain management.

iexclusive news Nigeria reports that more than half of the organizations on Forbes’ 2021 Blockchain.

50 list are businesses that are actively employing distributed ledger technology to tackle supply chain and logistics concerns.

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Lockheed Martin, an American defense contractor, said in April 2021 that it was employing blockchain technology in Switzerland for the supply chain management.

Illegal mining laundered gold, counterfeit bullion bars, and human rights violations have made the gold business particularly prone to supply chain opacity.

The Organization for Economic Cooperation and Development (OECD) published a report in 2020 that outlines how gold companies should avoid contributing to “severe abuses” in the mining and production processes.