Gold Market Dreams of Blockchain Supply Chain by Next Year
- LBMA hopes to track $200 billion global supply chain
- Majority of submissions proposed Bitcoin-style solution
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The gold market could be using the technology behind cryptocurrencies to track an almost-$200 billion supply chain as soon as next year.
The London Bullion Market Association last week closed an invitation for submissions of ideas for how to track the metal as it’s dug out of remote mines, traded by middlemen and sold on to buyers scattered around the world. While the LBMA didn’t stipulate what form the system would take, most of the 25 respondents incorporated distributed-ledger technology in their proposals.