LBMA, WGC advance pilot of Gold Bar Integrity initiative
The London Bullion Market Association (LBMA) and the World Gold Council (WGC) have selected two vendors, blockchain technology start-up companies Axedras and Peer Ledger, to participate in a pilot phase of the organisations’ Gold Bar Integrity initiative.
The initiative is aimed at digitally monitoring gold moving through the global supply chain, by confirming provenance and providing transparency over the chain of custody.
The LBMA and the WGC are, ultimately, seeking to increase trust through strengthening governance across the entire gold supply chain, thereby mitigating illicit trade risks and reducing the chance of fraudulent bars entering the formal supply chain.
The start-ups have been working actively to get more than 30 volunteers from the market on board, which will be benchmarked against more than 12 standardised test cases.
Testing of full value chains is expected to start in May. Over the next two to three months, participants will use the vendor systems to input, track and trace gold as it moves from the mine through the value chain.
By engaging in this pilot, participants will better understand the technology and data accessibility, as well as be able to identify any challenges that need to be resolved.
The outcome of the pilot will help participants and the wider industry determine the next steps on the global adoption of the ecosystem.
The WGC says any next steps will be discussed with the industry to help inform an implementation plan together.
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