LBMA Looking Into Blockchain To Boost Gold-Supply Integrity
(Kitco News) - TheLondon Bullion Market Association is seeking proposals on how to develop a“blockchain” for gold to underpin integrity of the supply of the metal, theorganization announced Tuesday.
Accordingto news reports, this would track metal to its origins, thereby helping preventuse of gold for financing terrorism, money laundering and helping resolve theproblem of “conflict minerals.”
TheLBMA said it will soon be launching a “request for proposal.”This initiative is aimed at building on the LBMA’s “responsible sourcingprogram.”
Inaddition, officials are looking at ways to minimize risks associated with fraudand breaches of security, the LBMA said. The goal would be to ensure that barsare what their markings purport them to be and have thus been produced to thestandard associated with LBMA-accredited refiners.
“The LBMA is continually looking at ways inwhich investors can be assured their purchase of gold bars addresses supplychain risks as well as protecting them against issues arising from fraud andbreaches of security,” said Ruth Crowell, chief executive officer of thegold-industry organization. “The LBMAlooks forward to seeing the innovative ways respondents devise technology whichcan further enhance the responsible sourcing program.”
LBMAofficials say they welcome approaches from companies that can providetechnology for either the supply chain or security. For further informationthey should contact Sakhila Mirza at sakhila.mirza@lbma.org.uk.
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.