Group Co.
Codel Partners with GMEX to Deliver Digital and Physical Parity in Commodities
Traders Magazine Online News, May 30, 2017
Codel, the digital notary service provider, announced a partnership with GMEX Technologies, a wholly owned subsidiary of GMEX Group, and provider of multi-asset exchange trading and post trade technology solutions. The companies will collaborate in areas where it is critical to prove digital data integrity throughout the value chain as well as connecting physical commodities with their digital equivalents.
“Our service makes both structured and unstructured data immutable allowing recipients of digital information to verify and trust it as completely as if it has been physically handed to them by the originator,” says James Zorab, founder and CEO of Codel. He added, “What we provide is real-world assurance in the virtual world we all now inhabit.”
Codel creates unique digital fingerprints called Codelmarks and stores them in an easy to find, centralised, immutable on-line ledger. Copies of the centralised ledger are then mirrored to multiple locations to minimise the risk of the data being lost or destroyed.
Users of digital data, that is Codelmarked, can prove its integrity continuously by checking the unique fingerprint in the data against the equivalent entry in the centralised on-line database. When the Codelmarked data changes, so does the digital fingerprint, thus it always remains up-to-date. Codelmarking of data is gaining significant traction with banks, stock exchanges and technology providers.
Codel is transformative because it provides trust for both digital and physical artefacts, using digital fingerprinting and physical marking technology and published audit trails that are immutable, printed in both digital ledgers and physically published reputable journals of record. Codelmarked data can be verified as it proliferates no matter how many times the document, physical item or data has been exchanged or processed. Codel’s patented core technology and innovative and enabling applications incorporate cutting-edge, peer reviewed cryptography for robust plug-and-play trust.
Commenting on the new partnership, Hirander Misra, Chairman of GMEX Group and CEO of GMEX Technologies says, “We are delighted to be collaborating with Codel in areas that can transform the digital security of trading commodities globally.” He continued, “With Codel’s tracking and document control capability, it is the only technology available that links the digital to the physical asset which for commodity trading provides state of the art governance. This integrated with GMEX advanced exchange trading, clearing, settlement and electronic warehouse receipts technology ensures that the current world of centralised systems and new world of hybrid centralised and distributed enablement can coexist as part of a unique game changing hybrid paradigm.”
As part of the company’s development strategy, Codel has strengthened the Board of Directors with the appointment of Mike Smith, CEO at ANZ until 2016. Mike takes over as Chairman from Peter Davis, formerly Director General of the National Lottery, who remains on the Board. Mike will also be joined by Mark Kerns, until recently Head of Investor Services at Standard Bank and Markus Ruetimann, formerly Group COO of Schroders.
Mike Smith commented, “I’m delighted to be joining Codel as we expand our innovative product capability. Codel is building an impressive profile within financial services, and has significant traction in other sectors, including health-care, supply chain and intellectual property protection.”
For more information on related topics, visit the following channels:
Comments (0)