The London Bullion Market Association (LBMA) is to create a set of standards for blockchain-based gold tracking, as well as an oversight committee to approve and monitor technology providers.
Ethical sourcing is becoming critical in such a high-value sector as precious metals. It will become even more important as reserves of metals such as gold diminish and scarcity develops.
Proving the origins of gold could prevent smuggling from developing countries where mining practices can threaten lives and damage the environment. It ensures that everyone involved in the supply chain, including miners, are rewarded and reassures gold buyers and consumers that both people and the environment are being protected.