The "trilemma" of the precious metal market


The "trilemma" refers to the fact that it has traditionally been seen as impossible to achieve the following three objectives at the same time within the precious metal industry:

  • Integrity, authenticity and legality of the products and data

  • Transparency around the products' provenance and chain of custody

  • Confidentiality, privacy and security of business transactions and stakeholders

So far, available technology and business processes have made it challenging to fulfil the required standards in all three dimensions simultaneously and efficiently. The innovative use of new technologies, including DLT / blockchain, has enabled aXedras to build the Bullion Integrity Ledger™ and to overcome the "trilemma".


​aXedras combines sound bullion market expertise and cutting-edge technology to equally benefit the stakeholders of the precious metal industry. The unique and innovative confidentiality concept, which aXedras has developed and integrated into the Bullion Integrity Ledger™, allows to combine the above-mentioned three dimensions at the same time.

  • The innovative Integrity Certificate acts as digital twin of physical products to ensure the integrity of products and data

  • The Bullion Integrity Ledger™ connects its members in a peer-to-peer manner and ensures seamless, secure and confidential interaction: data sovereignty remains at the network members


  • Immutable and cryptographically secured registry of physical transactions and product data updates

  • Permission-based data updates: only authorised parties are entitled to write on the blockchain

  • Active brand protection through the systematic detection of potential duplicates or counterfeits

  • Versatile, high-quality and real-time KYP (Know Your Product) services


Digital Transformation

  • Mutually agreed data standards as the foundation for efficient B2B information flow and transactions

  • Digital transformation of (B2B) processes

  • Streamlining of existing operating processes and efficient data processing through unified standards

  • Elimination of data silos, recurring paperwork and process fragmentation or duplication


  • Seamless data transfer through standardised interfaces between member IT systems

  • Connecting and providing access to third party solution providers

  • Agnostic approach to cover current and future technologies such as security features

  • Enabling the fungibility of physical precious metal products between different markets

  • Setting the technical foundation for industry-wide collaboration and digitalisation projects


  • Platform members retain control and ownership of their data and decide with whom to share which data with

  • State-of-the-art usage of distributed ledger technology avoids central aggregation of sensitive data

  • Data is only shared and stored peer-to-peer

  • Digital proof of custodianship and ownership without compromising confidentiality


  • Immutable documentation of the provenance of precious metals

  • Understand the respective chain of custody of precious metals

  • Trace any changes of product data and documentation

  • Industry reports, analysis and data services on an aggregated level