Hash Labs is a technology development company focused on creating cryptographically secure solutions for governments, multi-national corporations, financial institutions, and individuals. They are the market leader in next-generation distributed ledger solutions, including blockchain and directed acyclic graph, the latter of which has demonstrated tremendous potential for improved cybersecurity and speed.
BIG is working with Hash Labs to develop their first FinTech solution using Hashgraph's private, permissioned, distributed ledger technology. The solution will allow physical gold to be securely used in digital format as a store of value, unit of account, and medium of exchange.
CXAU Digital Vault and Digital Gold will be a mobile application that converts gold into a price-stable, scalable crypto asset that is 100% backed by physical gold.
The solution’s permission-based, peer-to-peer private network will provide the highest level of crypto security, with the ability to transact globally at speeds of up to 500,000 transactions per second.
Users will need to pass stringent Anti-money Laundering (AML) and Know Your Customer (KYC) verifications as part of a robust identify verification process. This will prevent bad actors from joining and guarantee government compliance.
CXAU will be built and stored on the world’s fastest and most scalable Hashgraph DLT.
The value of the account will not be correlated to equities, bonds, ﬁat currencies, supply, and demand, or cryptocurrencies, but derived from the value of the physical gold that will secure it. Account holders will be able to redeem their full account value for physical gold at any time. All gold assets on deposit will be stored in a single vault at the Royal Canadian Mint and audited on a quarterly basis by a top 10 accounting ﬁrm.
CULedger is a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform. Permissioned Distributed Ledger Technology (DLT) is the core technology behind CULedger’s innovative platform, which enables credit unions to detect and prevent call center fraud. It enables self-sovereign identity for members through its flagship product MyCUID, providing the first universal digital credential for members.
Shared-ledger technology creates a system allowing multiple certified parties to securely exchange information and conduct transactions with exchanges certified by all the organizations participating in the private, permissioned network using industry-leading DLT.
CULedger has pioneered new developments related to global self-sovereign digital identity that will further enhance the trust credit unions have with their members. The solution provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs.