A Turkey based company together with major banks initiated physically-backed Blockchain based new generation transfer system, according to an announcement on Dec. 30.
The BiGA Digital Gold Project, initiated by Takasbank, Istanbul Takas ve Saklama Bankası A.Ş. (Istanbul Clearing, Settlement and Custody Bank Inc.) aims to enable transfer gold digitally using blockchain technology.
BiGA Digital Gold is ensured to have equivalence to one gram gold which can be transferred among stakeholders.
BiGA is a reference project that is intended to become a milestone in the adoption of blockchain technologies by financial institutions.
Transactions with full privacy, having backed by physical assets, without independent value and the capability of execution in line with regulations are the features differentiating this project from many other projects announced across the world.
The main objective of the project is to establish an infrastructure that allows transfer of dematerialized gold with certain standards, using blockchain technology. The physical equivalents of the gold kept in safe custody in the BİST vaults.
BiGA is the first asset that is to be produced with this regard on blockchain platform which is integrated with the Gold Transfer System, that is a first in the world. source: whitepaper
The project is supported by major banks, Albaraka Türk Participation Bank, Garanti BBVA, Kuveyt Türk Participation Bank, Vakıfbank and Ziraat Bank.
Recently, Turkey changed its attitude and started to welcome blockchain projects . Blockchain projects are getting more attention both in the public and private sectors. As such, the government would soon end up testing the final chain of its blockchain-supported “Digital Lira,” in the new year.
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