December 8, 2023

Norilsk Nickel introduced Atomyze platform based on Hyperledger blockchain

Norilsk Nickel is testing the Atomyze platform based on the Hyperledger blockchain and is preparing to issue tokens backed bypalladium, cobalt and copper. At the same time, the issue of obtaining licenses from regulators is being resolved.

Atomyze platform testing takes place atthe participation of Trafigura, Umicore and Traxys in the metals industry. They began to test the functionality of the platform at the earliest stage of testing, which began in December.

The Atomyze platform was developed bySwiss company Tokentrust under the leadership of CEO Marco Grossi, who previously headed the Swiss branch of Deloitte, and Alexander Stoyanov, managing director of the Norilsk Nickel branch — Global Palladium Fund. IBM acted as the lead technology partner, with Big Blue integrating the advanced BFT (Byzantine Fault Tolerant) consensus algorithm.

Atomyze Developers Already "Preparing the Ground"to issue tokens provided with palladium, cobalt and copper, which are mined by Norilsk Nickel. In the first year after the launch of the platform, the company plans to tokenize up to 10% of total sales, in the future this figure may increase to 20%. Atomyze is currently negotiating with large organizations from various industries that will be ready to connect to the platform and become independent nodes to ensure the necessary level of decentralization. The network will operate in the IBM public cloud.

General Director of Norilsk Nickel Vladimir Potaninannounced that later Atomyze platform will be available to a wide range of companies and financial institutions in the US and Switzerland. By the end of the year, Russian users can also get access to Atomyze if by this time the legal status of digital assets in the country becomes clear.

According to Marco Grossi, Atomyze Leadershipintends to send an application to the Swiss regulatory authorities for a license to work with tokenized securities. The platform will comply with European laws on the protection of confidential information, in particular the General Data Protection Regulation (GDPR) and the German Cybersecurity Regulation Cloud Computing Compliance Controls Catalog (C5).

Recall that last week the Norilsk Nickel platform for asset tokenization was tested in the Bank of Russia sandbox.