AURAM Inc. (Headquarters: Chuo-ku, Tokyo; Representative Director: Kazuhiro Fukuda; hereinafter "Auram") announces the successful technical demonstration (PoC) of its proprietary movable asset digital ledger platform "AURAM," which records and manages ownership of movable assets such as gold ingots using blockchain-based NFTs. Using Article 184 of the Civil Code (transfer of possession by instruction), Auram has confirmed through PoC that ownership transfer in gold ingot transactions can be recorded and implemented on a blockchain without physically moving the ingot from its vault. This PoC represents the first phase of verifying both technical functionality and legal structure, and the underlying technology is currently pending patent application by Auram.
To commercialize gold ingot trading using this technology, Auram is seeking partnerships with warehouse operators to manage secure storage, as well as refiners and precious metals dealers to participate in transactions. We welcome inquiries from interested businesses.
Key Points of This Release
Ownership transfer of individual gold ingots without removing them from vaults: Auram successfully conducted a technical demonstration (PoC) using Article 184 of the Civil Code (transfer of possession by instruction) to record and implement on a blockchain the process of ownership transfer for a specific gold ingot without physically moving the asset (note: actual payment settlement was not performed in this PoC).
Clarification process underway via METI's Regulatory Sandbox: Auram has consulted the Ministry of Justice through the Ministry of Economy, Trade and Industry (METI)'s Regulatory Sandbox system to confirm whether the requirements for enforceability against third parties are satisfied under Article 184 of the Civil Code (transfer of possession by instruction). Auram holds legal opinions based on advice from multiple lawyers and is currently awaiting official response.
Privacy-conscious transparency verifiable by anyone: Ownership and transfer of possession records are stored on a public blockchain, enabling independent verification by third parties. However, only wallet addresses and hash values—unlinked to real-world identities—are publicly disclosed. Sensitive information such as real names, serial numbers, and original photographs are stored off-chain in a permissioned registry accessible only to KYB-verified businesses.
Overview of the AURAM Platform
"AURAM" is a "movable asset digital ledger" platform that records and manages ownership of physical assets such as gold ingots as restricted-transfer NFTs on a blockchain (a proprietary implementation inspired by ERC-721).
Traditionally, gold custody services offered by Japanese refiners and dealers are structured as consumption deposits under Article 666 of the Civil Code. Under this arrangement, ownership of deposited gold transfers to the dealer, and the customer holds only a claim for return of equivalent gold (same type, quantity, and quality). In the event of dealer insolvency, customers are treated as general creditors and do not hold priority rights over the physical gold they deposited.
In contrast, the "specific custody" transaction model demonstrated in this PoC is fundamentally different, as it allows customers to retain ownership (property rights) of their gold ingots. For each specific gold ingot (a designated item), a unique identifying hash is generated from manufacturer details, engravings, and appearance photos and recorded on the blockchain, while ownership data and status are managed on the ledger. Raw data such as serial numbers and original photos are stored off-chain in a permissioned registry, with only hash values recorded on-chain. This ensures tamper resistance while digitally implementing ownership transfer via Article 184 of the Civil Code (transfer of possession by instruction).
The AURAM movable asset digital ledger is designed to be universally applicable beyond gold ingots, to any movable asset identifiable by serial number or similar unique identifiers. All NFTs recorded on the AURAM platform are published on the public blockchain Avalanche (in this PoC, the Fuji testnet), allowing anyone to view and verify the records.
NFT issuance interface of the AURam Movable Asset Digital Ledger
The gold ingot ownership NFT issued in this PoC can be viewed and verified by anyone via the following public pages and on the public blockchain:
"AURAM Movable Asset Digital Ledger — Public Status": https://auram-poc.auram.co.jp/status
Proof of Possession Transfer Page: https://auram-poc.auram.co.jp/proof/1
View Public Blockchain Records (testnet environment): https://testnet.snowtrace.io/nft/0x9FA28A295BE2997eA5D8a9cb2E20863fDe39acC9/1?chainid=43113&type=erc721
About the Gold Ingot Trading Platform "KINGOT"
Demo interface of the gold ingot trading platform "KINGOT"
Building on the technology validated in this PoC, Auram is developing the gold ingot trading platform "KINGOT." KINGOT aims to enable corporate and individual customers to securely buy and sell gold ingots stored in vaults entirely online, without physical movement.
KINGOT will use real-time gold spot prices provided by Twelve Data to ensure transparent pricing. All transaction histories will be recorded on the blockchain, enabling public verification of ownership.
The service is scheduled to launch in 2026 as an invite-only limited service for corporate customers. After securing partnerships with warehouse operators, full-scale operations including service for individual customers are planned to begin from 2027 onward. Auram is also seeking partnerships with refiners and precious metals dealers to participate in KINGOT transactions and welcomes inquiries from interested businesses.
Overview of the Technical Demonstration (PoC)
Purpose of the Demonstration
Using NFTs that record ownership of gold ingots, Auram technically executed and recorded a simulated inter-corporate transaction based on Article 184 of the Civil Code (transfer of possession by instruction). Since the legal principle of constructive delivery is well established, the primary objective of this PoC was to verify whether the process of ownership transfer and fulfillment of third-party enforceability requirements can be implemented on a blockchain as tamper-resistant, independently verifiable records. Note: This PoC was conducted solely for technical and legal validation and did not involve actual payment settlement.
During the technical demonstration
Transaction Structure
This PoC was conducted between two corporations represented by Auram's CEO, Kazuhiro Fukuda (Hands-on Co., Ltd. as seller; AURAM Inc. as buyer) for the purpose of technical validation. This is the first phase of verifying technical and legal structure. Future validations will involve third parties with no capital or management ties.
Item
Details
Transaction Subject
One gold ingot (100g, 999.9, demonstration sample)
Unique Identification
Unique identifying hash generated from manufacturer, engravings, appearance photos, etc., recorded on-chain (raw data such as serial numbers managed in permissioned registry)
Transacting Parties
Hands-on Co., Ltd. (seller) / AURAM Inc. (buyer)
Blockchain Used
Avalanche Fuji testnet
NFT Contract
0x9FA28A295BE2997eA5D8a9cb2E20863fDe39acC9
Price Source
Gold spot price (provided by international market data provider Twelve Data)
Transaction Fee
None (fees waived during PoC period)
Note: The images, manufacturer names, serial numbers, and engravings of the ingot registered and published in this PoC are for demonstration purposes only and do not represent products of any specific real manufacturer. In the production service, actual photographs and engravings of the physical items will be used for registration.
Transaction Process
The process of ownership transfer for a 100g gold ingot owned by Hands-on was technically simulated and verified. Specifically, referencing the gold spot price provided by Twelve Data (Japanese yen, tax-inclusive price at time of implementation), the transfer of possession under Article 184 of the Civil Code (constructive delivery) was recorded as separate blockchain transactions: the seller's instruction (1) and the buyer's acceptance (2), while the ingot remained in a vault managed by the possession agent. The NFT ownership record on AURAM's movable asset digital ledger was also updated to reflect the buyer. This entire process was implemented and verified as a tamper-resistant, independently verifiable record on the blockchain. Note: This PoC was for technical and legal validation only and did not involve execution of an actual sales contract or payment settlement. If the same procedure were conducted in an actual transaction, possession transfer would be deemed complete upon receipt of the buyer's acceptance, and Auram believes such transfer would satisfy the requirements for enforceability against third parties under Article 178 of the Civil Code (this point is currently under consultation via the Regulatory Sandbox).
Transaction flow based on "transfer of possession by instruction" (Article 184 of the Civil Code)
Demonstration Video
A demonstration video showing the entire PoC process—including registration of the gold ingot ownership NFT on the AURAM platform, execution of the trade, and recording of ownership transfer via constructive delivery—is available below. The video provides a visual overview of the entire procedure.
Demo Video: https://www.youtube.com/watch?v=3CQTJ1iczw8
Gold Ingot Trading Technical Demonstration Demo Video
Third-Party Verification Mechanism
Ownership and possession transfer records on the AURAM platform can be independently verified by anyone, solely through public records on the public blockchain, without requiring access to Auram's servers or authentication.
Additionally, Auram is designing a "permissioned registry" that allows industry stakeholders (refiners, pawnshops, resale stores, precious metals custodians, etc.) to independently verify that physical gold ingots are correctly linked to NFTs on the ledger. KYB-verified businesses will be able to verify the authenticity of bars by cross-referencing physical items with registered data (representative photos, engravings, etc.) and matching them against on-chain unique identifying hash values.
For this PoC, Auram has published a verification guide page allowing users to experience and confirm these third-party verification mechanisms. Third-Party Verification Guide: https://auram-poc.auram.co.jp/verify
Third-Party Verification Guide — A Movable Asset Digital Ledger Verifiable by Anyone
Legal Basis
Inquiry via METI's Regulatory Sandbox
Auram has utilized the "Regulatory Sandbox" system under Article 7, Paragraph 1 of the Industrial Competitiveness Enhancement Act, submitting an inquiry to the Ministry of Justice through METI in April 2026 regarding this business model. The inquiry concerns the interpretation that applying Article 184 of the Civil Code (transfer of possession by instruction) to the full transfer of ownership of movable assets (gold ingots), with the seller issuing instructions to the possession agent and the buyer accepting them on the AURAM platform, satisfies the requirements for enforceability against third parties under Article 178 of the Civil Code. Auram is currently awaiting the Ministry of Justice's response.
The Regulatory Sandbox is not a licensing or approval system, and this process does not constitute government endorsement or authorization of Auram's business or PoC. Auram's legal interpretation is based on prior advice from multiple lawyers, and this inquiry is being used to confirm that interpretation.
Relationship with Relevant Regulations
NFTs issued on AURAM are designed with transfer restrictions enforced by smart contracts, preventing free transfer or secondary trading outside the platform. These NFTs serve as records on a "movable asset digital ledger" documenting ownership and are not themselves tradable assets. Unlike crypto assets pegged to gold prices (so-called gold tokens) or foreign-currency gold custody services offered by overseas providers, AURAM's distinctive feature is recording and transferring the actual property rights (ownership) of specific gold ingots under Japanese law.
Regarding this point, Auram consulted the FSA's FinTech Support Desk and received feedback that, based on Auram's explanation, these NFTs would not fall under collective investment scheme units or crypto assets.
Alignment with Industry Guidelines
The "Guidelines for the Use of RWA (Real-World Assets) Tokens," published in March 2025 by the Japan Cryptoasset Business Association (JCBA) (https://cryptocurrency-association.org/news/main-info/20250313-001/), recognizes "transfer of possession by instruction" as a method to satisfy third-party enforceability requirements for tokens linked to movable asset ownership. The AURAM platform is designed in alignment with these guidelines, implementing a system where the seller's instruction and the buyer's acceptance are recorded as separate blockchain transactions.
Auram has received prior legal advice from multiple lawyers confirming that this business model can effectively satisfy third-party enforceability requirements using Article 184 of the Civil Code.
Reference: Prior Public-Sector Example of On-Chain "Delivery Instruction"
There are public-sector precedents for blockchain-based rights transfer without physically moving assets stored in warehouses. The Japan Securities Clearing Corporation (JSCC), the clearinghouse of Japan Exchange Group (JPX), transitioned in 2023 from paper-based "delivery instructions" to online token transfers for settlement of rubber futures on the Osaka Exchange (Source: JPX/JSCC Press Release, January 30, 2023, https://www.jpx.co.jp/corporate/news/news-releases/0060/20230130-02.html — an independent initiative unrelated to Auram).
Generally, physical delivery via delivery instruction is legally explained under Article 184 of the Civil Code (transfer of possession by instruction). Auram's initiative is distinctive in applying this principle to the transfer of "ownership" of individual, uniquely identified gold ingots and recording the ownership and possession transfer history itself in a form independently verifiable by anyone.
Future Outlook
Auram will accelerate development toward the full launch of KINGOT based on the technology validated in this PoC. We are advancing partnership discussions with warehouse operators to establish secure custody infrastructure and broadly seeking collaboration with refiners and precious metals dealers to participate in trading. We welcome inquiries from businesses interested in collaboration.
Furthermore, the AURAM movable asset digital ledger is not limited to gold or precious metals. It can be applied to record, transfer, and visualize the provenance of ownership and collateral for any movable asset uniquely identifiable by serial number, such as luxury watches, branded handbags, or high-value alcoholic beverages. By recording ownership transfer history of physical assets on a tamper-resistant blockchain, Auram aims to establish a trustworthy distribution infrastructure that clarifies property rights and prevents counterfeit, stolen, or fraudulently circulated goods from entering the market. Building on the technology and operational expertise gained from gold trading, Auram plans to expand into broader categories of movable assets in the future.
Company Overview: AURAM Inc.
Corporate Philosophy: "Transforming dormant physical assets into credit."
Physical assets such as gold retain reliable value over time. Yet, most remain idle, their potential value underutilized. Auram establishes a foundation of trust by recording ownership and collateral status of securely stored physical assets on an immutable digital ledger, without moving them. While rigorously protecting owner privacy, Auram enables verified third parties—including financial institutions—to authenticate authenticity when needed. This transforms idle physical assets into usable "credit" as collateral without selling them, providing corporations with inflation and currency hedge protection and liquidity, and individuals with steady wealth accumulation.
Item
Details
Company Name
AURAM Inc.
Address
Nihombashi Royal Plaza 706, 17-1 Nihombashi-Kabutocho, Chuo-ku, Tokyo 103-0026
Representative
Representative Director Kazuhiro Fukuda
Founded
February 25, 2026
Capital
5 million yen
Business Activities
Operation of physical asset trading platforms; blockchain-based movable asset ownership and collateral recording (movable asset digital ledger) services; media operations related to asset management
URL
https://www.auram.co.jp/
Inquiries Regarding This Announcement
AURAM Inc. Public Relations
URL: https://www.auram.co.jp/contact.html
FACT BOX
- Source: PR TIMES
- Category: 技術実証
- Organizations: Twelve Data