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Track precious metal provenance end-to-end

Sector: Secondary sector · Industry: Metal industry · Organisation: aXedras AG, World Gold Council, Industry consortium members (refiners, logistics, vault operators) · Maturity level: Pilot

Swiss technology provider aXedras AG, together with the World Gold Council and partners including the Royal Canadian Mint, piloted a blockchain solution for tracking gold bullion bars. Using the permissioned Bullion Integrity Ledger, gold bars are digitally documented from refining and transport through to secure vaulting. The participating stakeholders can verify ownership transfers and provenance data in real time without risk of tampering.

Documentation status

Description

aXedras AG provides the Bullion Integrity Ledger, a decentralised platform on which refineries such as the Royal Canadian Mint securely document the journey of gold bars against tampering. Until now, proof of purity and ownership in the precious metals trade often relied on isolated paper documents and manual verification steps between trading partners. By using a shared distributed ledger, all authorised actors in the value chain can verify the status and history of a bar in real time.

Within the Gold Bar Integrity pilot project, aXedras, the World Gold Council, as well as refineries, logistics providers and vault operators cooperate to increase transparency in the global gold market. The technological basis is the Bullion Integrity Ledger, a permissioned distributed ledger network in which aXedras operates a so-called Governance Node. Refineries such as the Royal Canadian Mint record the refining and issuance of gold bars directly in the system and link physical bars with cryptographic data sets. Every subsequent ownership transfer or storage in authorised vaults is immutably recorded in the ledger and validated by the network nodes. This eliminates media discontinuities along the entire supply chain and reliably protects traders and end customers from counterfeits or unclear sources of origin.

Perspectives

B2B — organisations perspective

The solution connects refineries, logistics providers, banks and vault operators on a shared DLT infrastructure for seamless ownership transfers. Companies can digitally manage bar inventories without time-consuming manual reconciliations and transmit provenance proofs to business partners in compliance with regulations.

B2C — consumers perspective

End investors and commercial buyers can trace the complete history to see from which certified refinery their bar originates. This strengthens trust in the authenticity and value retention of the physical gold purchased.

Employees perspective

Employees in logistics and warehousing record bar movements via standardised interfaces directly in the DLT system instead of maintaining paper-based accompanying documents. This noticeably reduces input errors during bar inspection and accelerates daily customs and audit processing.

Benefits

General

B2B — organisations

B2C — consumers

Employees

Challenges

General

B2B — organisations

Employees

Technology foundation

The solution is based on a permissioned distributed ledger network called Bullion Integrity Ledger, in which aXedras operates a Governance Node to ensure transaction rules and data security for all industry participants.

Implementation examples

Bullion Integrity Ledger in the Gold Bar Integrity pilot

In traditional precious metals trading, fragmented paper excesses and non-transparent supply chains make it difficult to prove authenticity and ethical origin.

aXedras AG provides the Bullion Integrity Ledger platform to digitally track the transfer and ownership of gold bars as part of a global industry initiative. Among others, the Royal Canadian Mint uses this solution to record refined bars.

Within the framework of the Gold Bar Integrity Pilot project, aXedras established the Bullion Integrity Ledger as a DLT-based industry network for refineries, vaults, and logistics providers. aXedras operates a Governance Node that monitors network rules and ensures data integrity. As a prominent participant, the Royal Canadian Mint uses the solution to digitally and tamper-proof record refined gold bars from processing to storage.

The integration of heterogeneous IT systems from various market participants as well as the prevention of counterfeiting and fraudulent ownership transfers of gold bars.

Tags

Supply chain, Distributed ledger, Proof of origin, Precious metals, Governance Node

Sources

  1. Bullion Integrity Ledger
  2. aXedras' role within Gold Bar Integrity Pilot
  3. The Royal Canadian Mint Transforms its Gold Refining with New Distributed Ledger Technology Solution
  4. FAQs | Frequently asked Questions