Top Gold Industry Groups Launched Gold Bar Integrity Programme

SEATTLE (Scrap Monster): The World Gold Council (WGC), in collaboration with the London Bullion Market Association (LBMA) announced plans to develop and implement an international system of gold bar integrity. The programme is expected to help consumers, investors and market participants to trust the genuineness of gold and to ensure that they are sourced from sustainable and responsible sources.

The two leading market associations have brought together representatives from the entire global supply chain towards launching a pilot phase of the project. In the initial phase, two distributed ledger companies-aXedras and Peer Ledger will demonstrate their technology to create an immutable record of a gold bar’s place of origin and chain of custody. The blockchain-backed ledger will register and track bars.

Over time, all major participants in the gold industry will be encouraged to adopt this technology, thus ensuring that all gold bars are registered and tracked across the entire supply journey from mine to vault, and finally to end consumers. This in turn will digitize the global supply chain of gold bars, WGC press release noted.

The project is considered as a first step towards a more aligned gold industry and is expected to ensure the future growth of the international gold market.

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