Page 23 - Bullion World Volume 03 Issue 07 July 2022

Bullion World | Volume 2 | Issue 07 | July 2022

Gold Bar Integrity Database – A of participants. Understanding this • Verification of participants
transparent ledger of gold bars will feedback and identifying solutions against a set of qualification
give consumers, investors, and to any issues raised is pivotal to requirements to ensure
traders greater confidence in gold determining the next phase of work. ecosystem integrity
as an asset class and advance The Future State of the Global • An interoperable system that
standards for the common good of Digital Ecosystem can be scaled as required
the global industry. The GBI Pilot
The success of the initiative will • A global integrity ledger with
will provide market participants
be judged on the successful widescale acceptance and
with the opportunity to help define
implementation of the following: participation, including all key
the scope of the database, identify
priorities, and better understand how • Verifying the integrity of the gold trading hubs
interoperability may work. being traded • The broader industry will
The GBI Pilot • Gold provenance record discuss any next steps and help

The Pilot involves the implementation illustrating the origin and determine the implementation
plan.
of two vendor solutions with transaction information
participants’ internal systems. • Chain of custody records to
Several Market Participants have increase accessibility to the
volunteered to participate in the secondary market
pilot, testing the two platforms to
understand the technology and
associated benefits better. This will
enable participants to see the life
cycle of a particular gold bar (from
mine to refiner, to the vault) and work
through all the various ways the bar
enters and exits the professional
eco-system.

A crucial consideration in the
development of this global digital
ecosystem is the treatment of data.
The pilot will allow for scrutiny of
data storage practices and an
understanding of the governance
requirements. Participants will
provide feedback on what should
be the mandatory data fields and
identify the challenges of using the
technology.

The pilot is crucial to bringing a Find Out More
digital ecosystem into reality and is If you’d like to learn more about the Gold Bar Integrity initiative or the pilot,
expected to last three months. At the please email Sakhila.Mirza@lbma.org.uk. You can find out more about
end of the three months, LBMA and LBMA’s initiatives and events in our newsroom, www.lbma.org.uk/newsroom,
the WGC will gather and reflect on or sign up to receive news from LBMA by visiting
feedback from the broad selection https://portal.lbmahosting.org.uk.

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