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World Gold Council Executives Think Blockchain Technology Will Strengthen Trust in Gold Industry – Blockchain Bitcoin News

Joe Cavatoni, head of global sales for the World Gold Council (WGC) and regional CEO, said Friday that the gold industry will use blockchain to “help the industry standardize reporting.” He explained that he believes it will be integrated with technology. Mr Cavatoni spoke to the London Bullion Market Association (LBMA) and he WGC’s Gold Bar Integrity Program (GBI).

Gold Bar Integrity Initiative Helps Investors ‘Keep Peace of Mind Where Their Gold Is Coming’

World Gold Council (WGC) Head of Global Sales and Regional CEO Joe Cavatoni discussed the gold market in a recent interview published Friday. Cavatoni talked about how gold is used in various products. This helps drive demand for the precious yellow metal.

He emphasized that one of gold’s industrial uses includes cancer treatment, and gold is an ingredient in products such as iPhones and iPads. G.Old nanoparticles are also used in photothermal therapy, which is often used to kill cancer cells.

World Gold Council executives believe blockchain technology will strengthen trust in the gold industry
World Gold Council Head of Global Sales and Regional CEO Joe Cavatoni said:

Cavatoni also spoke about the WGC’s Gold Bar Integrity Program (GBI), a distributed ledger concept backed by the WGC and LBMA. GBI will be officially announced in March 2022, and the distributed ledger company will leverage blockchain technology created by Axedras and Peer Ledger.

Cavatoni believes GBI’s technology will help monitor gold trade, gold quality, chain of custody and procurement. Cavatoni said, “We hope that some kind of blockchain database structure is in place to help the industry standardize reporting. [in order to] You can trace and trace the integrity of your gold bars and trace them all the way back to their sourcing, knowing where your gold is coming from and feeling comfortable. “

The GBI project is an LBMA and WGC initiative, but Cavatoni said a “group of organizations” are planning to use the GBI program and tools. When the blockchain program was first announced, her CEO of LBMA, Ruth Crowell, explained international trade in wholesale: “Physical gold relies on trust.”

Crowell argued that the Gold Bar Integrity Initiative was a watershed moment for the precious metals sector. “This is a huge step forward in promoting transparency for the common good in the gold industry,” Crowell said at the time.Cavatoni said in an interview Friday:[gold] An industry needs to be trusted by those who want to be a part of it. “

“If trust is an obstacle to the wider adoption of gold, some people feel that it is better off-grid than on-grid, so we embrace trust and transparency and invest in the industry in legitimate ways.” We want to grow and make it happen: better,” Cavatoni said. “None of what we do prevents someone from simply taking [a] physical delivery of the gold,” added WGC’s Head of Global Sales and Regional CEO.

Axedras’ Bullion Integrity Ledger and Peer Ledger’s MIMOSI Connect

In March, LBMA and WGC announced that both Axedras and Peer Ledger would demonstrate their technology in the early stages. His website for Axedras shows that the company has its own blockchain called his Bullion Integrity Ledger (BIL).

The BIL network is a “member-based platform for peer-to-peer interaction” and claims to be decentralized and secure. “[BIL] enables members to share information according to this unified data standard and record the outcome of their business transactions in an immutable and auditable manner,” said Axedras’ web portal.

Peer Ledger’s website states that it “uses blockchain technology to solve environmental, social and governance issues in global supply chains.” The company offers his MIMOSI Connect. It “provides companies with a reliable and immutable record of transactions, documents and metrics across the supply chain to support responsible supply chain management and due diligence.”

In addition to Cavatoni’s recent commentary last week on the group of organizations using GBI, the LBMA and WGC have already listed a number of companies participating in GBI. Companies mentioned include CME Group, Barrick Gold Corporation, Brinks, Centerra Gold Inc., Argor Heraeus SA, Asahi, Aura Minerals Inc., Perth Mint, Pro Aurum, Rand Refinery, Royal Canadian Mint, and Standard Chartered. will be

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Axedras, Barrick Gold Corporation, Blockchain, Blockchain gold, Brinks, Centerra Gold, CME Group, custody, DIStributed Ledger, Distributed Ledger Tech, GBI, GBI program, Gold Blockchain, Gold on Blockchain, Joe Cavatoni, LBMA, London Bullion Market Association, Peer Ledger, provenance, quality, Ruth Crowell, supply chain, transparency, WGC, World Gold Council

What are your thoughts on the LBMA and WGC Gold Bar Integrity Programs? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news lead for News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for News about disruptive protocols currently emerging.

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