In order to ensure the use of blockchain technology in the financial sector, the focus is on issues that protect the privacy of traders, and that financial authorities can monitor transactions, the use of decentralized bookkeeping technologies and the digitalization of physical assets. As a result of these studies, the Digital Asset Transfer Platform ’, which allows the transfer of digital assets by using blockchain technology, is based on the physical base asset, does not have a value of its own, and can be realized in accordance with the existing regulations and separated from many announced projects in the world.
The asset to be traded on the Digital Asset Transfer Platform is the digital value called “BiGA”, which is produced in return for each gram of gold that is physically stored in Borsa İstanbul vaults.
There are 3 main capabilities in the system: issue, redemption and transfer for digital assets. In addition, additional capabilities such as integration, reconciliation capabilities, monitoring and reporting are provided between the BiGA Platform and Gold Transfer System, which operates with blockchain technology.
With the Gold Transfer System, gold that is physically stored in Borsa Istanbul safes is converted to BiGA and transferred to the BiGA Platform by issuing method. With this method, the transformation and reconciliation between the digital asset and the physical asset is made. End users can transfer their BiGA assets between participating banks as well as transfer their BiGA assets to Gold Transfer System by redemption via the BiGA Platform by transformation in to dematerialized gold at any time. The continuation and integration of the system with the Gold Transfer System provides additional assurance on the physical basis of the issued BiGAs. The total amount of physical gold balances included in the system and the balances in the Gold Transfer System and BiGA Platform are constantly checked and reconciled in Borsa İstanbul safes.The report prepared for detailed information about the project can be accessed via https://biga.takasbank.com.tr/
Ziraat Bank, Vakıfbank, Garanti BBVA, Albaraka Türk Participation Bank, Kuveyt Türk Participation Bank and Ziraat Participation Bank participated in the “BiGA Digital Gold” Project, which was put into practice as of 30/12/2019. Thus it was established the first known blockchain network with participating banks in Turkey's financial area. Gold balances can be transferred between participating banks 7/24 with the improvements of the participant banks that will provide services through the platform offered by Takasbank in their own systems.