The WGC executive believes the gold industry will integrate with blockchain in order to “help the industry standardize reporting.”
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.
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 on Friday that the “[gold] industry needs to be trusted by people that want to be a part of it.”
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