News Supply chain

Perth Mint to develop blockchain platform for gold provenance

gold bars bullion

Yesterday, the Perth Mint said it partnered with ASX-listed company Security Matters to ensure gold is ethically sourced by using blockchain and chemical markers. The trueGold initiative hopes to track gold from mines to refiners, vault operators, depositories, mints, wholesalers, and retailers.

“trueGold is a particularly significant development given the increasing focus on Environmental, Social and Governance (ESG) practices across the world pertaining to the gold supply chain,” Perth Mint Chief Executive Officer Richard Hayes said.

The Perth Mint is one of the world’s largest precious metals refiners. Meanwhile, Security Matters is an Israeli firm but is listed on the Australian Stock Exchange. Last year, it filed for a blockchain patent in the U.S. for a marking, classification and identification method for cannabis plants and seeds.

The company has developed technology to permanently mark any object either solid, liquid, or gas, enabling identification, proof of authenticity and tracking supply chain movements. It uses blockchain for traceability.

The solution from the Perth Mint and Security Matters is based on molecular markers that will trace gold through its supply chain. It also has the patented code identification reader, which will crosscheck with the blockchain record to verify and authenticate gold stores.

“By differentiating between and employing a different technique to each of the three major life cycles within the gold supply chain – raw material to production, production to commercial, commercial to recycle – we can create an entire technology-driven ecosystem that promotes integrity, corporate transparency and accountability, anti-counterfeiting and sustainability,” said Haggai Alon, CEO of Security Matters.

The Perth Mint has previously worked with InfiniGold to launch a digital token back by gold stores held by it.

Others are using similar concepts for traceability. For example, Everledger is using DNA tagging for leather goods. And Honeywell has partnerships with iTrace and SecureMarking to prevent counterfeit aircraft parts.

Image Copyright: f9photos / BigStock Photo