Smart Scanning Solution
In order to automate the manual handling of precious metal bullions and to digitalise the manual and paper-based processes within the vault, aXedras has been developing a smart scanning solution for bullions.
It is smart, because the solution applies artificial intelligence.
It can be used as a scanner, since the solution utilises optical character recognition (=OCR) to read the five unique identifiers of a precious metal product: metal type, format weight, fineness, bar number and brand.
The scanning solution can be operated on smartphones and industrial-grade scanning devices and can be integrated into a logistics company's account on the Bullion Integrity Ledger™ as relevant B2B platform.
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By doing so, several workflows can be digitalised and automated:
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Registration: to issue a digital twin
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Vaulting: to inbound or to outbound products
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Auditing: to confirm the physical existence of the products
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Check security features: to verify the authenticity of precious metals
Use cases
Registration
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Supersede paper-based vault operations with digital and connected solution
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Take pictures, i.e. scan the precious metals of your produced, vaulted or received products to issue their digital twins
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Cross-check with Bullion Integrity Ledger™ to detect any issues compromising the product's integrity
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Receive standardised and unified master data for your warehouse management system
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Contribute to and benefit from the global aXedras™ Ecosystem's efforts to advance the AI-based scanner solution
Vaulting
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Receive digital bar lists on the scanner and cross-check the expected items with the products delivered for faster stock-in processes
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Create digital bar lists for simplified stock-out procedures or to update your inventory
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Update digitally the product characteristics of your bars vaulted
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Increase the security and integrity of your vault operations by capturing pictures
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Optional: share the pictures taken with your customers at ease - providing peace of mind
Auditing
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Vaults' customers, internal and external auditors can get digital access to defined holdings at any given time
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Simple and intuitive cross-check of physical bars with digital bar list: proof of existence
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Instant and digital access to available compliance data for scanned physical products
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As a refiner, record immutably the picture of a received bullion on a distributed ledger
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Capture your overall audit results for each bar on the DLT-based Bullion Integrity Ledger™
Security feature agnostic
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aXedras also pursues its neutral and technology-agnostic approach for the collaboration with security feature providers
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When registering bullions on the Bullion Integrity Ledger™, refiners can indicate the existence of specific security features
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The scanner indicates if a security feature is available
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aXedras intends to collaborate with providers of optical security features to also integrate authentication mechanisms
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Users receive immutably recorded information around the product, and the physical authenticity can be ensured - with 1 device!
"Gold, in various physical forms, is traded, transported and vaulted globally. The custodians of the market must ensure that the illegal movement and trading of gold, which includes the potential for fraud, is mitigated and therefore all gold bars must be sourced, labelled and identified correctly. A Security Feature is a physical feature that will establish the identity and provenance of a bar. [...] The development and introduction of a Security Feature adds a further level of integrity. It is expected that Security Features that conform to [LBMA] specifications could be ultimately utilised for all bars (gold kilobars, COMEX gold Good Delivery bars, silver Good Delivery bars) produced by LBMA Good Delivery refiners. [...] The Security Feature must be robust enough for current and future needs. The practicalities of using the new Security Feature must not negatively impact the efficiencies of the current market (e.g. scanning barcodes for bars entering / leaving a vault). The Security Feature approach should not create conditions where it is impossible to bring gold into the system."
Source: LBMA (2020) LBMA Gold Bar Integrity Initiative. Security Feature V1, 12.08.2020
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However, if it is not obvious or known to the party handling a gold bar, whether or not a Security Feature is available, the Security Feature can't add its intended value. Therefore, following our interoperable and technology-agnostic approach, aXedras is in close collaboration with several providers of existing and emerging Security Features for the bullion market.