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Gold industry uses blockchain for supply chain management and scam prevention

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The new blockchain-based project, according to LBMA CEO Ruth Crowell, can assist in enhancing "confidence" in the "integrity and accountability" of gold traded.

Several of the gold industry's most well-known companies have teamed up to develop a new "integrity program" that uses blockchain technology for supply chain management, with the aim of serving market players in authenticating the legitimacy of their gold.

The London Bullion Market Association (LBMA) and the World Gold Council (WGC) stated on Monday that they are working together to create an "international system of gold bar integrity, chain of custody, and provenance" based on blockchain technology developed by aXedras and Peer Ledger. The ledger will be utilized to record and monitor gold bars at every stage of the production and distribution process, including mining, vaulting, and jewellery manufacturer purchases.

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 are supporting the so-called Gold Bar Integrity Programme.

The programme, which was designed as a pilot, will ultimately be encouraged for usage across the gold industry, according to the LBMA and WGC.

One of the most potential applications of blockchain technology in supply chain management. According to Forbes, more than half of the companies on the Forbes 2021 Blockchain 50 list are organizations that are actively leveraging distributed ledger technology to address supply chain and logistics problems. Lockheed Martin, an American defence contractor, said in April 2021 that it was employing blockchain technology in Switzerland for supply chain management.

Illicit mining, laundered gold, counterfeit bullion bars, and human rights violations have made the gold sector particularly prone to supply chain opacity. The Organization for Economic Cooperation and Development (OECD) published a report in 2020 that outlines how gold companies should prevent participating in "serious abuses" in the mining and manufacturing processes.

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