Recent reports have revealed that The London Bullion Market Association is searching for ways in which Blockchain technology could be used to find metal origins. The group, which manages the largest spot gold market in the world, said its new plans were in an attempt to combat the impact of terrorism funding, money laundering and conflicted minerals.

Executive board director and general counsel of the LBMA, Sakhila Mirza, explained that Blockchain and its technology should not be ignored. What’s more, companies within the oil, diamonds and food industries are all investigating the use of Blockchain technology, in order to trace ownership. Using Blockchain technology to trace gold supply could help to stop metals that support armed conflict from moving into markets, recognising owners and controlling security measures.

This news comes after it was reported that the LBMA had begun processes to improve trading methods. In a recent statement, the LBMA confirmed that they control and maintain a working register of refiners, who are permitted to stock the London market. LMBA also analyse security features and ensure that specific metals are correct. Mirza explained that current tracking contains lots of paperwork and that the company now want toimprove the system, using a technology-based solution.