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Gold industry taps blockchain for supply chain management and fraud prevention

diffrint by diffrint
March 29, 2022
in Blockchain
0
Gold industry taps blockchain for supply chain management and fraud prevention

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Among the most distinguished organizations within the gold business have joined forces to launch a brand new “integrity program” that makes use of blockchain know-how for provide chain administration — a transfer that’s supposed to assist market members confirm the authenticity of their bullion.

London Bullion Market Affiliation (LBMA) and the World Gold Council (WGC) announced Monday that they’re collaborating to develop an “worldwide system of gold bar integrity, chain of custody and provenance” that’s primarily based on blockchain know-how developed by firms aXedras and Peer Ledger. The ledger might be used to register and monitor gold bars at every stage of the manufacturing and distribution cycle, together with mining, vaulting and buy by jewellery producers. 

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The so-called Gold Bar Integrity Programme is being supported by organizations equivalent to CME Group, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, Hummingbird Sources, Argos Heraeus SA, Asahi, Aura Minerals, Perth Mint and others.

Initially developed as a pilot, this system will ultimately be promoted to be used throughout the gold business, LBMA and WGC stated.

Provide chain administration is cited as one of the promising use instances of blockchain know-how. As Cointelegraph reported, greater than half of the businesses added to Forbes’ 2021 Blockchain 50 checklist have been enterprises actively utilizing distributed ledger know-how to solve their supply chain and logistics issues. In April 2021, American defense contractor Lockheed Martin stated it was utilizing blockchain know-how for provide chain administration in Switzerland.

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Points equivalent to unlawful mining, laundered gold, pretend bullion bars and human rights abuses have made the gold business particularly susceptible to produce chain opacity. In 2020, the Group for Financial Cooperation and Growth released a report that gives steerage on how gold producers might keep away from contributing to “severe abuses” within the mining and manufacturing course of.