Video: Digital Transformation for the Gold Market
aXedras recently created and released this brief, concise video defining their goals for digitalizing the precious metals industry and how the technology they employ will go about making it happen. The easy-to-understand description shares how they are using blockchain/DLT-based technology to help bring about greater product and data integrity for precious metals.
Of particular importance is how the video captures exactly what will be behind the product developments you’ll be hearing about from BFI in the coming months. And, while on the subject of aXedras, be sure to have a look at the new and improved aXedras website which was literally launched today.
Watch the new aXedras video below:
What follows is the printed version of the spoken text of the video:
aXedras is connecting and digitalizing the precious metal industry. Using state-of-the-art Distributed Ledger technology to enables transparency and creates immutable records of data and product integrity along the life cycle of gold.
aXedras’s Bullion Integrity Ledger digitally connects the members of the supply chain providing secure and efficient business transactions.
Each company remains in control and selectively shares data with their business partners - contributing to the aXedras ecosystem, a self-governed decentralized B2B network.
The Bullion Integrity Ledger links a digital twin to a physical gold bar and gives each bar a secure integrity certificate with a unique, immutable and digital record capturing its history and characteristics.
Harmonised digital data standards facilitate efficiency gains and streamline B2B processes along the supply chain.
As gold travels along its supply chain the digital twin gets updated within the ecosystem.
Once the gold is refined into bars, each bar will keep its specific history and is given a unique Integrity Certificate.
The bars are then transported from vault to vault documenting the chain of custody.
aXedras provides easy access so investors will know that the gold they hold in those vaults is authentic and of known provenance and chain of custody. Thanks to a sophisticated confidentiality architecture, members benefit from transparency on a product level but maintain confidentiality on their business transactions.
In time, all participants can offer Integrity Certificates, informing gold investors about the responsible mining and refining standards followed when producing gold.
This will allow assigned auditors to check and sign off compliance data more efficiently. The aXedras ecosystem drives the digital transformation of the global precious metal industry, providing transparency, efficiency and trust.
We hope you enjoyed the video!
It’s no coincidence that the theme of aXedras’s video has come to the forefront as the LBMA (London Bullion Market Association) and the WGC (World Gold Council) have partnered to research, develop, and implement an international system for gold bar integrity with the Gold Bar Integrity Programme. This is what led to the WGC making a strategic investment with aXedras and why the subject matter of their video, LBMA and WGC Gold Bar Integrity video, contains the same critical message.
Digital transformation for the gold market – focusing on product integrity!