Updated: Sep 28, 2022
#4 of Digital Assets' Integrity
Over the last years, we have been closely cooperating with leading market players and authorities in the precious metal industry. We shared and validated our concept and principles to successfully implement digital twins (assets) representing physical goods within the aXedras™ ecosystem.
These are the five key points:
1) TRUST Trust is a key factor in trading with digital assets – especially in a high-value market such as gold. The global market players do not want to be transparent to everyone, but they should to be transparent to authorities to proof the integrity of their product. 👉🏻 aXedras’s precious metal ecosystem provides transparency for each digital and physical product and its provenance, however, the access rights are protected through customized use of DLT/Blockchain technology
2) DATA-SOVEREIGNTY Market players want to preserve their data-sovereignty and share their data and documents only with their business partners or other authorized parties – on a need-to-know basis. 👉🏻 Within the aXedras™ ecosystem, aXedras utilized DLT and network components such as the governance node to ensure the required confidentiality of the members' data
3) UNIFIED STANDARDS Misunderstandings and inefficient and redundant handling of data caused by IT siloes (e.g., incomplete or wrong product data) lead to high administrative costs. A unified data standard, reconciled with members of the ecosystem, leads to automated and efficient handling of data and hence of the underlying physical assets.
👉🏻 From the beginning, aXedras has been discussing and defining the standards of its solution together with stakeholders and authorities of the precious metal industry
4) AUTHORITIES - GOVERNANCE
One or more accredited and accepted authorities supervise the market and ensure responsibly sourced products and limiting forgery. These institutions shall play a role when establishing a digital ecosystem for the physical industry.
👉🏻 For the global precious metal industry, both the LBMA (London Bullion Market Association) and the WGC (World Gold Council) are important market development organizations - and aXedras keeps both of them in the loop
5) HOLISTIC DIGITAL TRANSFORMATION You need one secure integrity platform to efficiently cover the entire value chain of precious metals. 👉🏻 aXedras built one ecosystem along the entire value chain instead of having focused on separate niche offerings.
aXedras has been keeping in mind these cornerstones when developing its Bullion Integrity Ledger for the precious metal industry from the very beginning. Watch out for our next posts around the secure and clear physical-digital-linkage of physical precious metals.