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Gold March 06, 2024 06:50:08 PM

Royal Canadian Mint Launched New DLT Solution for Gold

Paul Ploumis
ScrapMonster Author
The log of gold bar transactions will help clients to have clear understanding of its custody and ownership.
Royal Canadian Mint Launched New DLT Solution for Gold

SEATTLE (Scrap Monster): The Royal Canadian Mint announced that it has implemented a distributed ledger technology (DLT) solution, in partnership with blockchain startup aXedras. The solution will offer end-to-end tracing of gold used in the Mint’s refinery and log gold bar transactions, thus ensuring transparency and accountability of sourcing of gold by the Mint.

The new development is expected to deliver positive impacts on both suppliers as well as clients of the Mint. Accordingly, mines, recyclers and precious metal suppliers will see significant enhancements in various business‑to‑business transactions. The use of DLT solution prevents tampering of data throughout the supply chain.

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The log of gold bar transactions will help clients to have clear understanding of its custody and ownership. The current owner could easily see a log of historical ownership. The provenance record for gold bullion bar will allow the owner to view the origin of the gold within the bar.

Marie Lemay, President and CEO of the Royal Canadian Mint stated that the implementation of the DLT solution in its world-class refinery promises to offer the industry-leading purity, quality and security of the refined gold and of the bullion produced by it.

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