LBMA hopes that blockchain can track everybody's gold

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Published : January 23rd, 2018
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Category : Gold and Silver

By Eddie Van Der Walt and Ranjeetha Pakiam
Bloomberg News
Tuesday, January 23, 2018

Gold is going digital.

Blockchain technology may help keep track of the roughly $200 billion of the precious metal dug from remote mines, traded by middlemen, and melted down by recyclers that's sold each year to buyers scattered around the world.

The London Bullion Market Association, which oversees the world's biggest spot gold market, will seek proposals including the use of blockchain for tracing the origins of metal, partly to help prevent money laundering, terrorism funding, and conflict minerals, according to Sakhila Mirza, an executive board director.

"Blockchain cannot be ignored," Mirza, also general counsel of the LBMA, said in an interview Monday. "Let's understand how it can help us today, and address the risks that impact the precious metals market." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-...et-mulling-b...

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