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The Australian mint will launch a blockchain platform for tracking gold bars

The Australian mint will launch a blockchain platform for tracking gold bars

The Perth mint has announced a partnership with Security Matters, which will develop a trueGold blockchain platform for tracking gold and issuing its own PMGT token.

According to the developers, the trueGold platform has been created for about two years and now it remains to solve regulatory issues in order to present a “high-tech solution on the blockchain” for tracking gold bars. The project will also involve the startup InfiniGold, which will develop the stablecoin Perth Mint Gold Token (PMGT), linked to physical gold in the mint’s vault.

The General Director of the Mint in Perth, Richard Hayes, said that the trueGold platform will allow you to transparently track the entire supply chain of gold, as well as provide detailed information about the origin of the valuable metal, its manufacturing process and subsequent sales points. In addition, you can check the authenticity of the material on the platform, which will protect you from purchasing a fake.

“Full transparency will provide even greater confidence in an asset that does not lose its value even in times of economic and geopolitical turmoil,” Hayes said.

The platform is scheduled to launch in early 2021. The Perth mint and Security Matters hope that the trueGold project will attract the interest of various major players associated with the precious metals industry, such as mining companies, jewelry stores, Central banks and financial institutions.

Recall that in December last year, the Russian diamond mining company ALROSA also announced the launch of a pilot project to track diamonds on the Everledger blockchain in cooperation with the technology company Tencent.