World Gold Council (WGC) Global Head of Sales and Regional CEO, Joe Cavatoni, explained on Friday that he believes the gold industry will integrate with blockchain technology to “ help the industry standardize reporting”. Cavatoni spoke of the London Bullion Association (LBMA) and WGC (GBI) Integrity Program which aims to methodize “an international system of bullion integrity, chain of custody and provenance”.
Gold bar integrity initiative will help investors feel ‘comfortable in knowing where gold comes from’
Joe Cavatoni, World Gold CouncilGlobal Head of Sales and Regional Managing Director of (WGC), discussed the gold market in a recent interview Friday publication. Cavatoni spoke about how gold is used in various products, which has helped drive demand for the yellow precious metal.
He emphasized that one of the industrial use cases of gold includes cancer treatment and that gold is an ingredient in products like iPhones and iPads. WOODOld nanoparticles are also utilized in photothermal therapy Commonly used to kill cancer cells.
Cavatoni also talked about the WGC Gold Bar Integrity (GBI) Program, a distributed ledger concept supported by the WGC, and LBMA. GBI was officially announced in March 2022 and it intends to leverage blockchain technology created by distributed ledger companies. Axedras and Peer-to-peer Ledger.
Cavatoni believes that GBI technology will help monitor gold transactions, gold quality, chain of custody and sourcing. Cavatoni hopes to have a “style of building a blockchain database to help the industry standardize reporting, [in order to] track and trace the integrity of your gold bar, and get it back into the supply chain so you can feel satisfied and comfortable knowing where the gold is coming from. “
Although the GBI project is an effort of the LBMA and WGC, Cavatoni commented that “a group of organizations” are planning to use the GBI program and tools. When the blockchain program was first announced, the CEO of the LBMA, Ruth Crowell, explained that in international wholesale trade, “physical gold depends on confidence.”
Crowell emphasized that the Gold Bar Integrity initiative is a watershed moment for the precious metals sector. “This is a huge step forward in increasing transparency for the benefit of the gold industry,” Crowell said. Cavatoni commented in his interview on Friday that “[gold] The industry needs to be trusted by those who want to be a part of it. “
“If trust is an obstacle to more gold usage, because some people feel that going offline is a better way than going online, we want to embrace trust and transparency and grow.” develop the industry in a legal way and make it better,” said Cavatoni. “Nothing we are doing is stopping anyone from simply taking [a] physical gold distribution,” added WGC global head of sales and regional CEO.
Axedras Trillion Integrity Ledger and Peer Ledger MIMOSI Connection
In March, the LBMA and WGC said the first phase would see both Axedras and Peer Ledger demonstrate their technology. The Axedras website shows that the company has a proprietary blockchain called Billions of VND Integrity Ledger (BIL).
The BIL network is a “membership-based platform for peer-to-peer interaction” and is claimed to be decentralized and secure. “[BIL] allows its members to share information in accordance with this unified data standard and to record the results of business transactions in an immutable and verifiable manner,” the Axedras portal stores idea.
Peer Ledger’s website states that it uses “blockchain technology to address environmental, social and governance issues in the global supply chain”. The company offers MIMOSI Connect to “provide companies with a reliable, immutable record of transactions, documents, and metrics throughout their supply chain to support efficient supply chain management accountability and appraisal.”
In addition to Cavatoni’s recent commentary last week on a group of organizations using GBI, the LBMA and WGC listed a number of participating GBI companies. The companies mentioned include CME Group, Barrick Gold Corporation, Brinks, Centerra Gold Inc., Argor Heraeus SA, Asahi, Aura Minerals Inc., Perth Mint, Pro Aurum, Rand Refinery, Royal Canadian Mint and Standard Chartered.
What do you think of the LBMA Integrity Program and the WGC Gold Bar? Let us know what you think about this topic in the comments section below.
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