LMBA to Create Standards for Companies Offering Blockchain-Based Gold Tracking Systems

The London Bullion Market Association (LBMA) intends to increase transparency in the gold market by opening the door for companies that leverage blockchain to track the metal through its supply chain, Reuters reports. By using blockchain, which is a type of distributed ledger technology (DLT), companies aim to ensure that the gold is not mined illegally or used to finance terrorism or conflicts.

In March 2018, LMBA required its 144 members to suggest gold tracking methods that would prevent forgery. The members, which include the world’s largest miners, refiners, banks, and dealers, would benefit from a decentralized system that guarantees transparency, improve…

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