aXedras

Corda Enterprise Company: aXedras™

Powered by Corda Enterprise, the aXedras™ Bullion Integrity Ledger™ digitalizes the precious metal value chain all the way from miner to investor.

  • Provenance tracking boost
  • Regulatory compliance and product integrity while reducing transaction time
  • Manual processes and reconciliation

Pain Point

In the gold market and industry value chain, trust between participants and confidence in the integrity of the product have traditionally been based on personal relationships. But this is no longer enough, with the rising importance of sustainability and human rights issues meaning industry players are often required to demonstrate the integrity and provenance of the physical product. However, the paper-based and largely manual nature of the industry’s documentation and processes means proving provenance is difficult, slow and expensive. So there’s a pressing need to digitalize processes and proof of origin along the value chain while enabling all participants to share a single version of the truth in a seamless and confidential way.

Solution

aXedras knew that any solution to gold’s pain points around integrity, provenance, and reputation would need to involve all industry participants, both upstream and downstream—including suppliers, refiners, logistics companies, traders and banks. So the company worked with all these players in developing the Bullion Integrity Ledger™—a blockchain-based application that digitalizes precious metals and the entire end-to-end process and value chain around it, boosting integrity and efficiency while maintaining confidentiality for all participants. aXedras chose R3’s Corda Enterprise to underpin its solution, primarily because of Corda’s strong privacy capabilities and peer-to-peer communications.

Corda Enterprise was the clear choice because it has very high confidentiality compared to other blockchain platforms. But what’s also important to us is having an enterprise-grade solution, because that creates trust. And it’s good to be partnering with a global provider that is well-established in the financial markets and whose confidentiality is strong enough for banks to rely on.

Urs Röösli (CEO • aXedras)

Outcome

Today, the Bullion Integrity Ledger™ ecosystem is up and running in its starting phase with a select grouping of the gold industry’s leading refiners, logistics companies, banks, and traders. Participants are experiencing the benefits from the platform at first hand, including better visibility of provenance throughout the value chain and substantial time and cost savings. Looking forward beyond the starting phase, aXedras’ goals for 2021 include doubling the number of participants in the ecosystem, onboarding additional stakeholders such as mines and recycling companies, and rolling out new modules to meet users’ requests.