The Orebits Corp. platform uses Symbiont’s distributed ledger technology and smart contracts platform to create a new digital asset class—one made possible by digitizing claims to precious metal and mineral reserves.

The asset digitization services provided by Orebits Corp. transform illiquid commodity reserves into fungible digital assets. Distributed ledger technology is an ideal platform for asset digitization because it provides an immutable record of the origination and provenance of these new assets, while creating a tamper-proof repository for all documentation backing the issuance. Consequently, reserve owners are able to maximize their liquidity while investors gain access to a new digital asset class linked to physical commodity reserves.

How it works:

  • Orebits Corp. administers a node on the Symbiont Network
  • Orebits Corp. custom smart contracts securely manage the authentication and storage of relevant documentation, including Asset Digitization Service Agreements (ADSAs)
  • Upon authorization by Orebits Corp., the orebits asset ( is automatically created and posted to the reserve holder’s account based on predefined business workflows codified in smart contracts
  • Reserve holders and investors can view held in their account and transfer those on a peer-to-peer basis to other account holders
  • On the maturity date of the ADSA, the are automatically returned from the reserve holder and redeemed based on predefined redemption rules within the custom smart contracts, completing the lifecycle of the digitization agreement
  • Advanced cryptographic techniques are employed to ensure that confidential information can only be viewed by authorized parties

Symbiont DLT and smart contract platform overview

The Symbiont platform provides a shared backend system for multiple, trusted parties that need to share data and logic in real time. It is a decentralized database that replicates and executes application logic in the form of smart contracts. Each entity in the Symbiont platform connects to the distributed ledger through a self-hosted node; or, through a node hosted by a Symbiont client. The platform may be used to create financial instruments, such as, that exist in digital form from inception. Indeed, the system was designed with financial use-cases in mind, and was built from the ground-up to meet the standards of institutional finance in security, scalability and auditability.

Orebits Corp. uses smart contracts to automate workflows, including escrow services, tokenization, authentication and many others; thereby, keeping operational costs and risks low. If parties ever wish to amend smart contracts on Symbiont’s platform to reflect changes to business terms or fix errors, for example, parties can easily do so by agreement. The ledger provides a perfect record of the history of all operations on the network.

Both financial data and considerable legal documentation are involved in creating an, which is a digitized representation of the ownership of precious metal and mineral reserves. The Orebits Corp. platform can store all transaction documentation directly on Symbiont’s distributed ledger instead of storing data and documents indirectly via an external database. Examples of transaction documents stored on-ledger include PDF files for signed and scanned legal documents, and stamped geological reports, among others.

Accordingly, the Orebits platform is a complete solution because all data, documents and business logic are all encapsulated on the immutable ledger for a completely secure and auditable solution.

March 10, 2017 marked a milestone for the distributed ledger technology ecosystem with the first digitized in a production deployment using Symbiont’s distributed ledger and smart contract platform. With this transaction, Orebits Corp. and Symbiont showed that distributed ledger technology can be used, not merely as a disruptive technology to streamline the administration of existing financial products and services, but it can also be an enabling technology capable of creating a brand-new class of digital asset.