Codel partners with GMEX to create a new hybrid paradigm for commodities
Codel Board of Directors strengthened with key appointments
London, May 22 2017. Codel, the digital notary service provider, today 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.”
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The Codel Group develops applications for its digital notary, a technology for proving the authenticity and validity of data in real time, spanning multiple sectors including financial services, product/asset tracking, intellectual property, media and health. Codel’s core solution delivers a practical solution to establishing the provenance of data, providing services that protect data and making it verifiable as accurate, current, permanent, persistent and immutable in real time.
Codel can publish trusted audit trails underpinning digital services through distributed ledgers or physically printed journals of record proving transaction security and compliance with regulation.
Codel provides a suite of enabling applications that incorporate this trust for identity enrolment, document control, information publication and data analytics.
Public Relations Director
About GMEX Group
GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.
Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives and commodities. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.
About GMEX Technologies Limited
GMEX Technologies Limited (GMEX TECH) is a wholly-owned subsidiary of GMEX Group. GMEX TECH is provider of multi-asset exchange and post trade technology, which includes an FCA vetted high performance exchange trading system, through to a leading edge matching engine, market surveillance system, several front end trading platform options as well as clearing house, depository and electronic warehouse receipts systems.
For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group
Media Contact for GMEX:
The Realization Group
+44 (0)7974 937 970