LBMA and WGC come together for gold bar Integrity Programme
(Kitco News) - London Bullion Market Association (LBMA) and the World Gold Council (WGC) have come together to help consumers. The two giants in the gold market are collaborating to develop and implement an international system of gold bar integrity, chain of custody, and provenance.
This initial phase will see two distributed ledger companies called aXedras and Peer Ledger demonstrate how their technology can best deliver a global ecosystem that will show a record of a gold bar’s place of origin and chain of custody. This blockchain-backed ledger will record and track bars, capturing the provenance and full transaction history.
Ruth Crowell, Chief Executive Officer, LBMA commented “The international trade in wholesale, physical gold depends on confidence. The initiative announced today underlines the confidence that all participants in the market can have in the integrity and accountability of the gold they trade, and the gold they buy. This is a major advance in furthering transparency for the common good of the gold industry.”
David Tait, Chief Executive Officer, World Gold Council said “This transformative project is the first step towards a more aligned gold industry, where we work together to ensure a more accessible and transparent market. Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain. At the World Gold Council, we are committed to addressing barriers to investment such as trust and provenance as this is key to unlocking increased demand for gold.”