The Perth Mint, one of the world’s largest precious metals refiners has partnered with Security Matters to launch blockchain based gold traceability platform, dubbed trueGold.
The new solution is based on molecular markers that will trace gold through its supply chain. Using blockchain and chemical markers will allow to track gold from mines to 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.
Security Matters 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. Last year, the company filed for a blockchain patent in the U.S. for a marking, identification and classification method for cannabis plants and seeds.