LBMA and WGC launch Gold Bar Integrity Programme
On March 28, 2022, London Bullion Market Association (LBMA) and World Gold Council (WGC) launched the gold bar integrity program at the Sustainability & Responsible Sourcing Summit.
The two global precious metal authorities are collaborating to develop and implement an international system of gold bar integrity, chain of custody and provenance. The CEOs of the LBMA, Ruth Crowell, and the WGC, David Tait, together announced the pilot of two blockchain-based platforms for members to test new technologies for more transparency and accountability on the gold bars which are traded across the market.
In this phase, Peer Ledger provides proven technology for the program’s pilot to track bars and capture the provenance and full transaction history across the global gold ecosystem.
Peer Ledger’s blockchain-backed MIMOSI Connect provides a trusted, permanent record of transactions, documents, and metrics across the entire supply chain. The IT solution supports responsible sourcing and helps stakeholders involved in the gold trading process trust that their gold is genuine. In 2017, Peer Ledger became the first company to apply blockchain traceability to gold supply chains. PAMP, a leading Swiss gold refiner and global bullion brand, has been using MIMOSI Connect since 2017 in their VERISCAN app to provide gold provenance - from source to customer. Read more about our PAMP case study here.
More about LBMA and WGC’s launch of the Gold Bar Integrity Programme here.
Gold integrity has been among the concerns of the entire industry for years. Now is the time for all participants to adopt proven technology so that every gold bar is registered and tracked across the whole supply journey, from mine to vault and end customers. The technology helps mitigate risk management systems and bring more transparency and accountability to gold products. The LBMA’s encouragement to use new blockchain-backed technology for governance controls and strengthen gold bar integrity across the global industry aligns with Peer Ledger’s vision to raise sustainability standards and provide data transparency and visibility across the entire supply chain.
Ruth Crowell, Chief Executive Officer, LBMA commented:
“The international trade in wholesale, physical gold depends on confidence. The initiative announced today underlines the confidence that all participants in the market can have in the integrity and accountability of the gold they trade, and the gold they buy. This is a major advance in furthering transparency for the common good of the gold industry.”
David Tait, Chief Executive Officer, World Gold Council commented:
“This transformative project is the first step towards a more aligned gold industry, where we work together to ensure a more accessible and transparent market. Consumers and investors want to know their gold has been responsibly and sustainably produced and tracing the origin of gold bars will help enforce the highest standards across the entire supply chain. At the World Gold Council we are committed to addressing barriers to investment such as trust and provenance as this is key to unlocking increased demand for gold.”
Dr. Dawn Jutla, Founder and co-CEO of Peer Ledger, added:
“Peer Ledger’s MIMOSI Connect ESG Platform is meant to address one of the most critical supply chain gaps of the day. Corporations know all about their customers. They spend millions on social media, mobile app, and cookie technologies. But many firms don’t know with certainty what materials from which originating regions or countries are in their products, nor measure the environmental, social or governance (ESG) footprint of their supply chains. MIMOSI fills this technology gap and enables organizations to have new ESG insights into their supply chains.”
About Peer Ledger
Peer Ledger is a Canadian blockchain software company founded in 2016. The company uses cutting-edge IT technologies to help organizations gain situational awareness, raise their sustainability standards, and provide data integrity and visibility across their supply chains. Since its launch in 2017, Peer Ledger’s MIMOSI Connect platform has supported important ESG use cases for gold, food, steel, cobalt, mica, chemicals, and other high-risk materials.
