Australian Mint Launches Gold Bullion Tracking Blockchain Platform

The Perth Mint has announced a collaboration with Security Matters to developtrueGold blockchain platform for tracking gold and issuing its own PMGT token.

According to the developers, the trueGold platformIt has been created for about two years and now it remains to resolve regulatory issues to present a “high-tech blockchain solution” for tracking gold bullions. InfiniGold startup, which will develop the stablecoin Perth Mint Gold Token (PMGT), tied to physical gold in the mint's vault, will also take part in the project.

Perth Mint CEORichard Hayes said that the trueGold platform will allow transparent monitoring of the entire gold supply chain, as well as providing detailed information on the origin of the valuable metal, its manufacturing process and subsequent points of sale. In addition, on the platform, you can verify the authenticity of the material, which will protect against the purchase of 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,” said Hayes.

The launch of the platform is scheduled for early 2021. Perth Mint and Security Matters hope that the trueGold project will interest various major players involved in the precious metals industry, such as mining companies, jewelry stores, central banks and financial institutions.

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

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