Hedera Tokenizes $3 Billion Worth Of Diamonds And Other Luxury Goods

The World Gemological Institute (WGI) has launched a groundbreaking collaboration with fintech firm Vaultik to tokenize $3 billion value of luxurious items, together with diamonds and gem stones, watches and jewellery, on the Hedera blockchain. It goals to modernize the $100 billion diamond trade with a distributed ledger. This ensures the authenticity and transparency of licensed belongings, in addition to safety.

Beneath the brand new settlement, all items licensed by WGI will obtain a blockchain-based digital certificates. This ensures immutable verification of their origin, classification, authenticity and possession. Some of the progressive elements of the system is the truth that insurance coverage may be instantly linked to digital certificates. With the assistance of worldwide dealer Acrisure, purchasers can rapidly and simply insure their valuables.

So as to add one other layer of safety towards fraud, WGI intends to laser engrave token identifiers on the objects, just like the numbers on current diamond studies. As well as, licensed merchandise are geared up with NFC chips. Within the occasion of an try to govern, the digital certificates might be cancelled. Consumers can affirm the authenticity of their merchandise by scanning the chip with a smartphone, which ensures dependable safety all through the whole provide chain.

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