Independent precious metals authority the London Bullion Market Association (LBMA) has appointed independent information technology provider aXedras as the official service provider for its newly established Gold Bar Integrity (GBI) Database, to be launched later this year.
“This pioneering initiative represents a significant leap forward in digitising the Responsible Gold Guidance and cementing trust within the precious metals market,” the LBMA says in a statement.
With the strategic goal to augment transparency in the gold market, LBMA has undertaken the development of a robust GBI Database that aims to deliver enhanced clarity, security, and stability in information-sharing across the market.
The GBI Database will serve as a cornerstone for accurate and timely data flow, ensuring refiners and LBMA members have access to a secure and efficient database to securely share information with LBMA, the authority avers.
Looking ahead, the LBMA envisions a global digital ecosystem where real-time country of origin data is standard.
“We encourage all value chain actors to continue to build their full chain of custody solutions. Our GBI Database supports, and does not replace, their solutions,” it emphasises.