Royal Canadian Mint Employs DLT for Gold Traceability, Boosting Transparency in Precious Metals
OTTAWA, ON, March 4, 2024 /PRNewswire/ — The Royal Canadian Mint, in collaboration with aXedras, has taken a significant leap towards enhancing the transparency and accountability of its gold sourcing by integrating Distributed Ledger Technology (DLT). This groundbreaking initiative allows for comprehensive end-to-end tracing and certification of gold provenance, marking a pivotal advancement in the precious metals industry.
Marie Lemay, President and CEO of the Royal Canadian Mint, emphasized the importance of this innovation, stating that it not only ensures the industry-leading purity, quality, and security of the Mint’s gold but also provides unprecedented sourcing transparency to its customers. This integration with aXedras’ Bullion Integrity Ledger solution signifies a major step forward in the Mint’s commitment to being best-in-class in supply chain and partner management.
Enhancing Supply Chain Integrity
The DLT solution offers a plethora of benefits for various stakeholders, including investors, financial institutions, and bullion dealers, by providing secure, standardized, and digitalized information regarding the provenance and integrity of gold production standards. Mines, recyclers, and other precious metal suppliers stand to gain from business-to-business process enhancements like seamless immutable data transfer and easy access to reports and audits.
Building Confidence and Trust
This technological advancement enables Mint refinery customers to offer their buyers more confidence in the history and provenance of their products. It supports industry-wide efforts to improve transparency at every level of the bullion supply chain, thereby strengthening the integrity of the markets served by the Mint. The platform captures crucial data related to the transfer/ownership custody and refinery transformation of gold, offering comprehensive visibility to registered platform users.
DLT’s Role in Provenance and Ownership
DLT records both the transaction history of incoming material and the gold bullion bar products, ensuring that the custody history of the gold bar is visible to its current owner. This includes tracking the initial purchase and subsequent changes of ownership, as well as attaching a provenance record to each gold bullion bar processed by the Mint. This feature allows bar owners to view the origin of the gold within the bar, whether it is responsibly sourced from a specific mine, recycled, or co-mingled gold.
As the Royal Canadian Mint strides towards integrating environmental, social, and governance practices into every aspect of its operations, this initiative further solidifies its position as a leader in the precious metals industry. By leveraging DLT in its world-class refinery, the Mint showcases its dedication to innovation, transparency, and accountability, setting a new standard for the global precious metals market.
