Incorruptible Track and Trace
Tokenized Gold Case Study
In the highly-demanding precious metals industry, incorruptible tracking and tracing of assets is a business requirement. As gold is traded in the physical world, its digital footprint must follow with certainty. Some of HeraSoft’s capabilities in logistics are demonstrated by our work with GoldFlorin, a precious metals company based in the Netherlands. HeraSoft deployed its ransomware-proof technology to track, trace and authenticate commercial gold holdings for GoldFlorin’s professional customers. Additionally, our proprietary and customized software enabled GoldFlorin to launch a gold-backed asset token and offer secure access to viewing data on gold holdings. Utilizing the HeraSoft supply chain network, GoldFlorin can track the token – as well as the origin, uniqueness, movement and chain of custody of each gold bar attached to the token – without fail. To facilitate the buying and selling of gold tokens, HeraSoft integrated digital wallets and smart contracts into the solution to maintain the chain of integrity of every transaction.
HeraSoft’s capabilities in logistics include:
- Assigning a digital identity to a physical asset
- Tracking the packaging, shipment and receipt of assets
- Uploading and retrieving data regarding assets via a mobile app
- Integrating an asset’s unique verification and validation tests into HeraSoft
- Storing data in a distributed and highly secure fashion
Securely identify, catalog, verify authenticity, store and access asset data, and track its movement and location
- For investors to trade gold at the highest possible values, the bullion trade is mainly concerned with purity
- Gold bars that have not been properly tracked may be less valuable upon resale
- Blockchain technology is rapidly being embraced for its fraud-proof properties across supply chains
A “chain of integrity” backed by basic physical tests performed on receipt of bars, specialist assayers who visit vaults periodically and test bars on behalf of their owners, and random sample audits.