LBMA and World Gold Council Launch Gold Bar Integrity Programs – Plan to Use Ledger Technology

In a press release from the World Gold Council, the Council, in collaboration with the London Bullion Market Association, has launched what it calls a Gold Bar Integrity Program. The goal is for “consumers, investors, and market participants to trust that their gold is genuine and has been responsibly and sustainably sourced.” according to the World Gold Council press release.

In this way, the two have brought together representatives of the global gold industry to create an “industry-wide and groundbreaking development for the market.”

In doing so, they want to rely on decentralized ledger technology, which will initially be presented by two different ledger technology developers. In the press release, the WGC names the two providers aXedras and Peer Ledger, which are said to have been selected for this.

If the project is successful, all major players in the gold industry will be encouraged to adopt this technology and become part of the ecosystem. All gold bars will then be traceable on a digital platform from the producer to the deposit to the dealer selling the gold.

Critics might see the anonymity of the gold market in danger, which many appreciate so much. Data on owners of large amounts of gold could be stolen, jeopardizing the security of those owners. Moreover, this would be another step towards absolute data mining about the investments of private persons or institutions.

Leave a Reply

Change Language
%d bloggers like this: