Gold has a significant role in the financial system of the global markets. It is nominal in quantity, chemically stable, attractive, and malleable, making it universally appealing. Gold is often a preferred haven in situations of crisis.
It is also widely recommended as part of a broader investment scheme and is the preferred asset over currencies for billions of people. We received the responsibility to create an innovative blockchain-backed solution that dealt with gold trading. Our client asked us to design a platform that makes a tokenized version of gold.
Our design was to build a solution by studying the value chain inside a marketplace and carefully analyse the method of asset trading, custody, settlement, and deployment. The criteria of establishing this platform were to make buying gold easily, with maximum security and convenience.
Before building anything, it was essential to evaluate the blockchain use case to ensure a return on investment. We mapped the business procedure and pointed to capabilities like digital signatures, smart contracts, tokenization, decentralized identity. A blockchain-based solution has the potential to disrupt the smoothness of its development process. For our team of experts, it was similar but having had a clear vision.
We knew where to focus. Blockchain majorly relies on encryption for security and establishes the consensus mechanism through a distributed network. To let a user have access to this chain, we needed to run complex algorithms.The distributed nature and complexity of blockchain transactions might take some time to process compared to the traditional payment systems such as debit cards. As a result, we had to use advanced engineering techniques and keenly work on the processing speeds.
The next challenge was to design UIs for each software element. Designing APIs that needed to be integrated with user interfaces to run the application at the back-end was our next task.
We successfully created a blockchain-based platform for our client that provided a superior degree of trust. We kept the cost-effectiveness intact for user transactions in real gold on a public blockchain. The platform helped users trade with absolute convenience and trade gold.
The solution also enabled users to digitally manage their claims over the physical gold, transform and take up gold bullion of their choice, or even get it delivered on a global scale. We built a platform that maintained secured collaboration with multiple parties and could bring individuals together in real-time.
It enabled the users with the power to buy, sell, and keep to themselves the physically allocated gold in real-time. Users were able to use real gold as regular money. Gain ownership at low costs: The platform enabled users to gain direct ownership of vaulted gold at very reasonable prices.
We integrated the platform with APIs that provided the users with real-time information on changing currency values to have a clearer insight into the spot prices.
The live prices, 24/7 trading possibilities, a comprehensive interface for seamless transactions enabled more power to the user trading.
The custom alerts on the fluctuating market and regular updates on the market news enabled investors with the best trading experience.
The real-time updates enabled users to make final informed decisions, whether selling or adding to their secure vaults throughout the globe.
We put the best-in-class technology forward and created a platform that helped our client transform their business. We built our solution upon the principle of not letting users ever miss out on a perfect buying or selling opportunity.
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