How to Ensure the Integrity of Digital Assets
Updated: Sep 28, 2022
#1 of Digital Assets' Integrity
aXedras will launch a series of articles on this topic: How to ensure the integrity of digital assets. Here is the first one, watch out for next to come.
Digital Assets, Tokens and NFTs (non-fungible token) are buzzwords now entering the wider market. Millions of dollars are paid for NFTs representing unique physical assets such as a Picasso painting or digital assets such as the first tweet.
How do you ensure the underlying exists? How’s about its integrity? What's its real value? Thanks to digitization and the right use of distributed ledger technology (DLT) / blockchain technology a physical product and all its characteristics and information can be linked to a digital twin. aXedras has been doing exactly this from day 1.
However, it all depends on how reliable the first data entry is and how these data are being maintained along the life-cycle of the physical goods. aXedras has connected and digitized the precious metal market. As a first step, aXedras harmonizes the data standard of the precious metal industry according to the business needs of its stakeholders along the entire value-chain (from mines via a refinery to banks; including forwarders, regulators and other authorities). Precious metals have a unique combination of product characteristics and, therefore, they are suitable to be digitized: each product gets a unique aXedras™ ID in the digital space, immutably captured in the Integrity Certificate: this is like a digital birth certificate – continuously updating relevant data in real time as the product moves and circulates in the market. Each certified market player digitally signs a transaction. Thus, fraud and faking digitized high-value assets is harder to achieve.