The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cavatoni, explained on Friday that he believes the gold industry will integrate with blockchain technology in order to “help the industry standardize reporting.” Cavatoni spoke about the London Bullion Market Association’s (LBMA) and WGC’s Gold Bar Integrity Programme (GBI) which aims to methodize “an international system of gold bar integrity, chain of custody and provenance.”
Gold Bar Integrity Initiative Will Help Investors Feel ‘Comfortable Knowing Where the Gold Is Coming From’
Joe Cavatoni, the World Gold Council‘s (WGC) head of global sales and regional CEO, discussed gold markets in a recent interview published Friday. Cavatoni talked about how gold is used in various products, which helps fuel demand for the precious yellow metal.
He highlighted that one of gold’s industrial use cases includes cancer treatment and gold is an ingredient in products like iPhones and iPads. Gold nanoparticles are also leveraged in photothermal therapy that is often used to kill cancer cells.
Cavatoni also conversed about the WGC’s Gold Bar Integrity Programme (GBI), a distributed ledger concept backed by the WGC and the LBMA. GBI was officially announced in March 2022, and it intends to leverage blockchain technology crafted by the distributed ledger firms Axedras and Peer Ledger.
Cavatoni thinks that the GBI tech will help monitor gold transactions, gold quality, chain of custody, and sourcing. Cavatoni expects to have a “type of blockchain database construction in place to help the industry standardize reporting, [in order to] trace and track the integrity of gold bars, and take it all the way back to sourcing so that you can feel good and comfortable knowing where the gold is coming from.”
While the GBI project is an LBMA and WGC effort, Cavatoni remarked that a “group of organizations” are planning to utilize the GBI program and tools. When the blockchain program was first announced, LBMA’s CEO Ruth Crowell explained that the international trade in wholesale, “physical gold depends on confidence.”
Crowell insisted that the Gold Bar Integrity initiative was a watershed moment for the precious metals sector. “This is a major advance in furthering transparency for the common good of the gold industry,” Crowell said at the time. Cavatoni remarked during his interview…
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