First Blockchain Solution developed in Singapore for the Bullion Market Supply Chain
![First Blockchain Solution developed in Singapore for the Bullion Market Supply Chain](https://media.asiaone.com/sites/default/files/styles/article_top_image/public/original_images/Nov2018/594cae1eb1ef433a345aca879e1a9c03.jpg?itok=ZfO33ZdM)
SINGAPORE - Media OutReach - 12 November 2018 - 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:
Mr Hidetaka Namiki, Chief Executive Officer of Bullionist Technology Pte Ld, 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.
Mr 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 ELUME platform and eco-system 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 Mr 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 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 Pte Ltd (gold refinery), Loomis International (specialist for international valuables logistics). The following companies have also come forward to support the platform -- Aurora Precious Metal International Pte Ltd, CIT Coin Invest AG, Besure Pte Ltd, Bin Bin Goldsmith Pte Ltd, BullionCafe, Coininvest GMBH, Global Bullion Suppliers, Jin Sing Li Trading Pte Ltd, LH Precious Metal Investment Pte Ltd, Nadir Metal Rafineri San. ve Tic A.S, NumisCollect, Ingot Investments Pte Ltd, Siong Hin Jewellery & Handicraft, SK Bullion Pte Ltd and UPP Enterprise Pte Ltd.
About Bullionist Technology Pte. Ltd.
Bullionist Technology Pte. Ltd. ("BT") is a fintech company that focuses on digitizing of the bullion supply chain using blockchain technology to manage the supply chain risk, and to promote transparency, authenticity and true ownership of bullion assets. BT provides integral services related to the bullion supply chain, such as precious metals trade matching and record keeping (through the "ELUME" platform) which is carefully structured among BT, IBM and the interested leading industry participants such as Metalor Technologies Singapore Pte. Ltd., Loomis International Singapore and the bullion eco-system which includes but is not limited to bullion banks, wholesalers and dealers. Through the ELUME platform, these companies and all other market participants including investors can be assured of transparency and integrity using secured blockchain data.
BT was incorporated in Singapore on 17 May 2018.
For more information about Bullionist Technology, visit www.elume.io/.
About IBM Blockchain
IBM is recognised as the leading enterprise blockchain provider . The company's research, technical and business experts have broken barriers in transaction processing speeds, developed the most advanced cryptography to secure transactions, and are contributing millions of lines of open source code to advance blockchain for businesses. IBM is the leader in open-source blockchain solutions built for the 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. The cloud-based IBM Blockchain Platform delivers the end-to-end capabilities that clients need to quickly activate and successfully develop, operate, govern and secure their own business networks. IBM is an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies.
For more information about IBM Blockchain, visit https://www.ibm.com/blockchain/ or follow us on Twitter at @ibmblockchain.