Gold industry taps blockchain for supply chain management and fraud prevention

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The gold industry has launched a new pilot program that uses blockchain technology to improve the 'integrity and accountability' of the bullion market. Report by CT Business Editor forgeforth_

Some of the most prominent organizations in the gold industry have joined forces to launch a new “integrity program” that utilizes blockchain technology for supply chain management — a move that’s intended to help market participants verify the authenticity of their bullion.Monday that they are collaborating to develop an “international system of gold bar integrity, chain of custody and provenance” that’s based on blockchain technology developed by companies aXedras and Peer Ledger.

The so-called Gold Bar Integrity Programme is being supported by 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. Initially developed as a pilot, the program will eventually be promoted for use across the gold industry, LBMA and WGC said.

Supply chain management is cited as one of the most promising use cases of blockchain technology. As Cointelegraph reported, more than half of the companies added to Forbes’ 2021 Blockchain 50 list were enterprises actively using distributed ledger technology to

 

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