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Perth Mint Use Blockchain to Create World’s First Gold Transparency Solution

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The Perth Mint has announced partnering with Australian Securities Exchange (ASX)-listed Security Matters (SMX) on a “mine-to-marketplace ethical gold supply chain assurance” solution.

SMX is set to build the world’s first mine-to-marketplace ethical gold supply chain assurance product, alongside partner The Perth Mint.

The supply chain-focused blockchain technology company said that following regulatory approvals, the initiative would lead to the formation of “trueGold”, which has been in the works for two years. trueGold will be a working commercial entity with the objective to build an operation servicing the global gold market, by Q2 2021

The company deals in supply chain integrity and asset tracking blockchain technology, focused on creating digital twins to all physical object by irrevocably marking and tracking a range of fungible products and substances to create an end-to-end transparency solution.

The Gold tracking concept is based on Security Matter’s scientifically proven molecular markers, a chemical-based hidden “barcode” system, which are teamed with a unique “reader” to identify these codes and a blockchain record to store and protect the data.

“The trueGold project perfectly demonstrates how easily big changes can be made to supply chains and distribution processes when adopted by leading organisations, and how technology can be used to drive change”
– Security Matters founder and CEO Haggai Alon said.

They expect the opportunity for other industry players to participate, will take place at the beginning of next year. The Perth Mint and Security Matters are seeking the involvement of other gold industry supply chain participants as part of the commercialisation, with its “stakeholder acquisition strategy” focussing on the onboarding of miners, insurers, vaults and storage companies, and end-product customers.  

“This is a particularly significant development given the increasing focus on environmental, social, and governance practices across the world pertaining to the gold supply chain”
– Perth Mint CEO Richard Hayes said.

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