Joe Cavatoni, regional director general of the World Gold Council (WGC) said that with the Gold Bullion Integrity Program (GBI) of the London Bullion Market Association (LBMA) and the WGC, the gold industry will be strengthened and systematized with the blockchain technology that will allow the standardization of reports.
According to Cavatoni, Blockchain technology will strengthen trust in the gold industry and mentioned that the Gold Bullion Integrity Program (GBI) will allow “supervising gold transactions, gold quality, chain of custody and supply“.
Furthermore, the GBI will also facilitate the construction of a “database on the blockchain to help the industry standardize reporting, in order to track and follow the integrity of gold bullion, and take it all the way from back to sourcing so you can feel good and comfortable knowing where the gold comes from,” said the executive.
As you may remember, the GBI was officially announced last March with the purpose of taking advantage of the blockchain technology that was developed by the distributed ledger companies Axedras and Peer Ledger.
Confidence is a key in the international gold market
Ruth Crowell, General Director of the LBMA, stressed that the international wholesale trade of physical gold is closely related to “trust”, which is why various organizations plan to use the Gold Bullion Integrity Program and the tools it offers.
Crowell insisted that the initiative comes at a very important and decisive moment for the precious metals sector. “This is a major step forward in promoting transparency for the common good of the gold industry”.
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