More than a few biggest players in the gold industry have collaborated to initiate a new “integrity program” using blockchain technology to manage supply chain systems, in which market participants can corroborate their bullion’s authenticity. 

London Bullion Market Association (LBMA) and the World Gold Council (WGC) made an announcement that they are in a collaboration to develop “international system of gold bar integrity, chain of custody and provenance” and apply blockchain technology developed by aXedras and Peer Ledger. 

In specific, the ledger technology will be used to register and track gold bars in production and distribution cycle which covers mining, vaulting and purchase. 

The “Gold Bar Integrity Programme” is backed by big organizations including CME Group, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, Hummingbird Resources, Argos Heraeus SA, Asahi, Aura Minerals, Perth Mint and others.

LBMA and WGC reportedly announce that the program will be widely used across the gold industry.

Supply chain management is considered one of the main playfields for blockchain technology. Evidently, half of Forbes’ 2021 Blockchain 50 list use ledger technology as a remedy for their supply chain and logistic issues.