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Gold Industry Turns to Blockchain to Fix Supply Chain

  • New program will track transaction history from mine to vault
  • Initiative being run by LBMA and the World Gold Council


Photographer: Stefan Wermuth/Bloomberg

The gold industry is betting that the blockchain will help to keep illicit bullion bars out of the international market.

London Bullion Market Association and the World Gold Council are developing a digital system to track gold through the supply chain, the organizations said in a joint statement on Monday. Using a blockchain-backed ledger, the Gold Bar Integrity Programme will capture the transaction history of bullion from mine to vault, they said.