First Blockchain Solution developed in Singapore for the Bullion Market Supply Chain

Elevating Singapore as one of the most transparent and safest bullion trading and storage hubs in the world

Blockchain

Bullionist Technology (a Singapore fintech company) announced that it has developed "ELUME," a digital platform on the IBM Blockchain Platform and targeted at the bullion market supply chain.

The platform aims to promote transparency, authenticity and true ownership of bullion assets through the use of blockchain technology. The lifecycle of the bullion assets and related transactions in the supply chain will be tracked on the blockchain, which  provides assurance to investors, and mitigates supply chain risk while protecting against issues arising from fraud and breach of security.

ElumeGold (EAU) is the unit of physical gold trades in the digitized supply chain and each unit represents the ownership of physical gold. EAU is NOT a cryptocurrency. EAUs have corresponding amounts of physical gold and those are kept in the designated vault, and gold is redeemable upon requests. The following are the details of EAU:

* 1 EAU represents 1 gram of the London Bullion Market Association (LBMA) accredited refinery's 999.9 gold.

* 1 EAU can be broken down into a minimum of 0.001 EAU.

* EAU prices are quoted in USD per 1 EAU.

* All the trade information including ownership transfer will be recorded on the distributed ledger.

* The corresponding amount of physical gold bars will be kept in the authorized vault and audited regularly.

* 1000 EAUs are redeemable to 1 kg physical gold.

Hidetaka Namiki, CEO of Bullionist Technology Pte Ltd, said: "The objective of ELUME is to transform the existing eco-system into a digitalised eco-system.  ELUME will be an interactive electronic trade matching and record keeping platform to connect all supply chain members -- refineries, logistics, bullion banks, bullion dealers etc. under blockchain technology."

ELUME is unique for the level of integrity and transparency it offers while preserving privacy of asset ownership and related trade transactions. Care is taken to ensure that trades only occur between counter-parties that have been pre-screened. ELUME uses the IBM Blockchain Platform powered by Hyperledger Fabric on the IBM Cloud to build the foundation of the digitized supply chain. In addition, the platform caters to interactions with supporting digital trading networks to facilitate atomic exchange of asset ownership between members.


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Blockchain Solution singapore bullion market

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