A new platform that digitises the origin of all the gold bars stored in London has gone live.
Launched by the London Bullion Market Association (LBMA), the Gold Bar Integrity (GBI) will hold data related to the country of origin utilising a blockchain system developed by Swiss group Axedras.
“The GBI Database will initially focus on two crucial datasets: Refiner Data and London Vault Data,” said Ruth Crowell, LBMA CEO.
“This means faster, more secure data collection and processing.
“Beyond this, the platform’s ability to automate risk identification and flag potential issues quickly will play a vital role in enhancing confidence across the market.”
Instead of using email, refiners can now update verification data directly to the database.
LBMA adds the platform can support tokenisation, enabling vaulted gold to be used as tokenized collateral to meet margin requirements at clearing houses.
HSBC Holdings PLC (LSE:HSBA) introduced a tokenisation for its vaulted gold last year.