LBMA Collaborated with aXedras to Launch Gold Bar Integrity Database

SEATTLE (Scrap Monster):  To improve confidence and transparency in the precious metals industry, the London Bullion Market Association (LBMA) has partnered with Swiss company aXedras to develop the Gold Bar Integrity (GBI) Database. This January, the database went live. It is anticipated that all 100+ Good Delivery refiners would join the platform by the end of this year, guaranteeing improved reporting.

The introduction of the GBI Database, a component of the larger Gold Bar Integrity Ecosystem of LBMA, represents a significant advancement in the modernization and simplification of data collecting and management procedures throughout the value chain. It serves as a centralized store for important data, including country of origin and responsible sourcing.

The GBI Database will first concentrate on Refiner Data and London Vault Data, according to Ruth Crowell, CEO of LBMA, who commented on the development. By automating risk detection and promptly identifying possible problems, the database is anticipated to be essential in increasing market trust, she continued.

The CEO of aXedras, Urs Roosli, expressed the hope that the development of the Gold Bar Integrity (GBI) Database through the use of cutting-edge Distributed Ledger Technology (DLT) would be a first step toward increased digitization.

Last March, LBMA gave aXedras the contract for the GBI Database.

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