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