Bullionist Technology, a Singapore fintech company, has announced ELUME, a digital solution on the IBM Blockchain Platform targeted at the bullion market supply chain.
ELUME 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 that both assets and transactions are genuine, 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 digitised supply chain, but is not cryptocurrency. Each unit represents the ownership of a corresponding amount of physical gold* which is kept in a vault. That gold is redeemable upon request.
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 authorised vault and audited regularly.
Hidetaka Namiki, CEO, Bullionist Technology said: “The objective of ELUME is to transform the existing ecosystem into a digitalised ecosystem. 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, Bullionist Technology said. Care is taken to ensure that trades only occur between 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 digitised supply chain. In addition, the platform caters to interactions with supporting digital trading networks to facilitate atomic exchange of asset ownership between members.
Alan Lim, Asia Pacific Practice Leader – Blockchain Lab Services & Garage, IBM, said: “The bullion supply chain is very complex and requires integrity, confidentiality and auditability. Representing real world bullion assets digitally enables them to be traded easily with reduced friction. Meanwhile, the establishment of a permissioned network of refineries, storage providers, and bullion dealers is important to increase trust and transparency in the bullion ecosystem.
"The IBM Blockchain Platform delivers unique network capabilities such as enhanced security and confidentiality, efficient processing, scalability, standard programming languages and a modular structure that can be customised for further deployments.”
“ELUME will improve transparency of the bullion market including true ownership of gold and traceabililty of all trade details including ownership transfer as those recorded in the Blockchain. All transactions under the ELUME platform and ecosystem will be secured including instant transfer of ownership. There will also be improved settlement procedures.
"ELUME will revolutionise the bullion settlement infrastructure. It will also develop new markets such as to facilitate lending and borrowing for investors against their underlying bullion assets. This will help increase market liquidity,” added Namiki.
ELUME will facilitate stronger digital collaboration across the multiple parties involved in the bullion supply chain, improve the efficiency of transactions, and promote transparency among participants. Furthermore, it is envisioned that the platform will support regulated financial institutions as well as regulators such as customs or other government agencies with anti-money laundering, counter-terrorist financing (AML/CFT) and cross-border commercial crimes prevention initiatives. This will increase investors’ confidence and bolster Singapore as a precious metal trading hub.
ELUME has the support of the industry players such as Metalor Technologies Singapore, a gold refinery; Loomis International, a specialist for international valuables logistics; and Aurora Precious Metal International. Other supporters include CIT Coin Invest, Besure, Bin Bin Goldsmith, BullionCafe, Coininvest, Global Bullion Suppliers, Jin Sing Li Trading, LH Precious Metal Investment, Nadir Metal Rafineri, NumisCollect, Ingot Investments, Siong Hin Jewellery & Handicraft, SK Bullion and UPP Enterprise.
Since 2016, IBM has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement Blockchain applications, and operates a number of networks running live and in production. IBM is also an early member of Hyperledger, an open source collaborative effort created to advance cross-industry Blockchain technologies.
*1 EAU represents 1 g of the London Bullion Market Association (LBMA) accredited refinery’s 999.9 gold.
ELUME 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 that both assets and transactions are genuine, 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 digitised supply chain, but is not cryptocurrency. Each unit represents the ownership of a corresponding amount of physical gold* which is kept in a vault. That gold is redeemable upon request.
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 authorised vault and audited regularly.
Hidetaka Namiki, CEO, Bullionist Technology said: “The objective of ELUME is to transform the existing ecosystem into a digitalised ecosystem. 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, Bullionist Technology said. Care is taken to ensure that trades only occur between 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 digitised supply chain. In addition, the platform caters to interactions with supporting digital trading networks to facilitate atomic exchange of asset ownership between members.
Alan Lim, Asia Pacific Practice Leader – Blockchain Lab Services & Garage, IBM, said: “The bullion supply chain is very complex and requires integrity, confidentiality and auditability. Representing real world bullion assets digitally enables them to be traded easily with reduced friction. Meanwhile, the establishment of a permissioned network of refineries, storage providers, and bullion dealers is important to increase trust and transparency in the bullion ecosystem.
"The IBM Blockchain Platform delivers unique network capabilities such as enhanced security and confidentiality, efficient processing, scalability, standard programming languages and a modular structure that can be customised for further deployments.”
“ELUME will improve transparency of the bullion market including true ownership of gold and traceabililty of all trade details including ownership transfer as those recorded in the Blockchain. All transactions under the ELUME platform and ecosystem will be secured including instant transfer of ownership. There will also be improved settlement procedures.
"ELUME will revolutionise the bullion settlement infrastructure. It will also develop new markets such as to facilitate lending and borrowing for investors against their underlying bullion assets. This will help increase market liquidity,” added Namiki.
ELUME will facilitate stronger digital collaboration across the multiple parties involved in the bullion supply chain, improve the efficiency of transactions, and promote transparency among participants. Furthermore, it is envisioned that the platform will support regulated financial institutions as well as regulators such as customs or other government agencies with anti-money laundering, counter-terrorist financing (AML/CFT) and cross-border commercial crimes prevention initiatives. This will increase investors’ confidence and bolster Singapore as a precious metal trading hub.
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| Source: Bullionist Technology infographic. The bullion supply chain. |
ELUME has the support of the industry players such as Metalor Technologies Singapore, a gold refinery; Loomis International, a specialist for international valuables logistics; and Aurora Precious Metal International. Other supporters include CIT Coin Invest, Besure, Bin Bin Goldsmith, BullionCafe, Coininvest, Global Bullion Suppliers, Jin Sing Li Trading, LH Precious Metal Investment, Nadir Metal Rafineri, NumisCollect, Ingot Investments, Siong Hin Jewellery & Handicraft, SK Bullion and UPP Enterprise.
Since 2016, IBM has worked with hundreds of clients across financial services, supply chain, government, retail, digital rights management and healthcare to implement Blockchain applications, and operates a number of networks running live and in production. IBM is also an early member of Hyperledger, an open source collaborative effort created to advance cross-industry Blockchain technologies.
*1 EAU represents 1 g of the London Bullion Market Association (LBMA) accredited refinery’s 999.9 gold.
Each EAU can be broken down into a minimum of 0.001 EAU. EAU prices are quoted in US dollars per 1 EAU.
1,000 EAUs are redeemable for 1 kg physical gold.
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