SIX Network announces a partnership with Lao Bullion Bank (LBB), a specialized gold bank in Lao PDR, to jointly develop Digital Infrastructure for the LBB Gold Certificate by applying blockchain technology to enhance the efficiency of management, verification, and connectivity of information related to gold assets, while preparing the technological infrastructure to support the development of gold-related services in the future.

This collaboration combines Lao Bullion Bank’s expertise in gold, asset management, and gold-related financial services with SIX Network’s expertise in Blockchain Infrastructure, On-chain Asset Data Management, and Asset Tokenization to jointly develop Digital Infrastructure suitable for the LBB Gold Certificate.

Beyond the development of this infrastructure, both parties will jointly explore opportunities and study the feasibility of further development toward Gold Tokenization and Real-World Asset (RWA) Tokenization in the future, taking into consideration technological, business, legal, and regulatory suitability.

The Gold Potential of Lao PDR and Opportunities in the Digital Economy

Lao PDR is a country with significant gold resource potential, with estimates indicating that the country has more than 1,000 tons of gold resources, along with large-scale gold mines and more than 60 small-scale mines.

In 2023, Lao PDR produced more than 9.5 tons of gold, reflecting the country’s existing resource base and real economic activity related to gold, as well as the potential to further develop these assets to create value in new forms.

Alongside the country’s resource base, Lao Bullion Bank plays an important role in developing the gold market of Lao PDR and connecting gold assets with the institutional financial system through gold-related financial services and products.

With resources, production capacity, and gold-related financial infrastructure already in place, the next opportunity lies in further developing these assets so that they can be more closely connected with the digital economy.

The collaboration between Lao Bullion Bank and SIX Network therefore represents another step in extending the potential of Lao PDR’s gold sector through Digital Asset Infrastructure for the financial system of the future.

Developing Digital Infrastructure for the LBB Gold Certificate

The LBB Gold Certificate is a document certifying rights related to gold assets and forms part of the structure that helps connect physical gold with financial services.

Lao Bullion Bank has already developed the presentation of information and rights related to the Gold Certificate in digital form. Under this collaboration, Lao Bullion Bank and SIX Network will jointly further develop Digital Infrastructure to enhance the efficiency of data management, traceability, asset-related information referencing, and digital data connectivity.

SIX Protocol will be one of the key technologies that both parties will apply and assess for suitability in the development of this infrastructure, with a focus on security, data accuracy, system efficiency, and alignment with Lao Bullion Bank’s operational framework.

The development of this Digital Infrastructure aims to enhance the efficiency of the LBB Gold Certificate and establish technological readiness for the development of future use cases and services related to gold assets.

Exploring Future Opportunities in Gold Tokenization and Real-World Assets

Building on the development of Digital Infrastructure for the LBB Gold Certificate, Lao Bullion Bank and SIX Network also share an interest in exploring opportunities and studying the feasibility of Gold Tokenization and Real-World Asset (RWA) Tokenization in the future.

This study will cover technology, operating models, business feasibility, as well as applicable laws, regulations, and requirements of relevant authorities, in order to assess appropriate approaches before considering further development.

Such approaches may create opportunities to connect information and rights related to physical gold assets with Blockchain Infrastructure and enable new use cases for gold assets in the future.

Connecting Gold Infrastructure with the Digital Economy

For Lao Bullion Bank, this collaboration represents another step in applying technology to enhance gold-related infrastructure and services, while preparing for the future integration of gold assets with financial systems and the digital economy.

For SIX Network, this collaboration provides an opportunity to apply its expertise in Blockchain Infrastructure, On-chain Asset Data Management, and Asset Tokenization to a use case connected with physical gold assets.

Both parties aim for this collaboration to contribute to the development of efficient and secure technological infrastructure, while building knowledge and establishing approaches for future innovation related to gold assets.

Next Steps in the Collaboration

In the initial phase, Lao Bullion Bank and SIX Network will jointly develop Digital Infrastructure for the LBB Gold Certificate, design and develop use cases related to data management and connectivity, and assess the application of SIX Protocol and Blockchain Infrastructure to ensure suitability for Lao Bullion Bank’s operations.

For approaches related to Gold Tokenization and RWA Tokenization, as well as digital asset products and services, both parties will jointly explore opportunities and study their feasibility in the future, taking into consideration technological, business, legal, and regulatory suitability.