Japanese Startup Tests NFT-Based Gold Ingot Ownership Transfer
The trial offers a legal framework for customers to retain ownership of specific gold ingots through NFTs, potentially addressing a longstanding risk in gold custody services in Japan.
Reporting from 1 source: ASCII.jp.
AURAM Co., Ltd. announced a proof of concept using its blockchain platform to record gold ingot ownership transfers as NFTs. The trial used the Civil Code's 'possession transfer by instruction' to give customers direct ownership of physical ingots, avoiding the risk of becoming general creditors if the custodian goes bankrupt. The company plans to commercialize the system.
The proof of concept relied on Article 184 of the Civil Code, which allows ownership transfer by instruction without physical delivery. AURAM's platform records each ingot's ownership rights as an NFT on a testnet. The company has already consulted the Ministry of Justice under the Gray Zone Elimination System to confirm legality. It is also recruiting warehouse operators and bullion dealers for future commercialization.
Most conventional gold custody services in Japan transfer ownership to the business operator, leaving customers with only a claim. This leaves them vulnerable if the operator goes bankrupt. The AURAM system gives customers ownership of the specific ingot they deposited.
Synthesized by Yomimono from the 1 cited source below, including Japanese-language reporting where cited, then editorially reviewed before publishing.
Sources
- ASCII.jp 金インゴット1本ごとの所有権をNFTに記録する売買技術を実証