The regional director of the World Gold Council said that the use of blockchain will allow the gold mining industry to achieve transparency in operations and consumer confidence.
Joe Cavatoni, Head of Global Operations and Regional Director of the World Gold Council (WGC), told in a recent interview with the YouTube channel Kitco NEWS about the Gold Bar Integrity (GBI) program using the distributed ledger concept.
The GBI will use the blockchain developed by aHedras and Peer Ledger, which provide digitalization services for the precious metals market and the steel industry. Cawatoni expressed hope that the technology will help track not only direct gold transactions, but also its quality, supply chain and sources of production.
“The lack of confidence has become a deterrent to the wider use of gold. Therefore, a blockchain-based database will increase the transparency of operations in the gold mining industry, help the industry standardize reporting, and provide a tool to control the movement of gold bars at all stages of the life cycle,” Cavatoni said.
Recall that in 2021, the Swiss cryptocurrency bank SEBA launched a regulated token backed by physical gold. The Gold Token was developed in collaboration with Argor-Heraeus, a blockchain-based precious metals industry service provider from aXedras.
A year earlier, Canadian authorities, as part of a government initiative, used the development of a blockchain platform from Peer Ledger to track the stages of delivery of steel products.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
