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LBMA Considers Blockchain to Underpin Gold Bar Integrity

Tuesday, January 23, 2018

LBMA Considers Blockchain to Underpin Gold Bar Integrity

The LBMA, the global authority for Precious Metals, will shortly be launching a Request for Proposal (RfP) to enable the international market to further strengthen gold supply chain integrity.

This initiative builds on the LBMA’s Responsible Sourcing programme and focuses on how technology can ensure supply chain provenance.

In addition, it will also look at minimising the risks associated with fraud and breaches of security. This is particularly relevant to ensure that bars are exactly what their markings purport them to be and have thus been produced to the high standard associated with LBMA accredited refiners.

It is envisaged that any solution will take account of blockchain for the supply chain, and other technologies for the additional security and tagging features.

Ruth Crowell, CEO commented: “The LBMA is continually looking at ways in which investors can be assured their purchase of gold bars addresses supply chain risks as well as protecting them against issues arising from fraud and breaches of security. The LBMA looks forward to seeing the innovative ways respondents devise technology which can further enhance the Responsible Sourcing Programme”.

Interested Parties Should Contact the LBMA
While many service providers have already been identified, the LBMA welcomes approaches from companies who can provide technology for either the supply chain or security. For further information they should contact Sakhila Mirza, sakhila.mirza@lbma.org.uk.

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