The World Gemological Institute (WGI) has launched a groundbreaking collaboration with fintech company Vaultik to tokenize $3 billion worth of luxury goods, including diamonds and gemstones, watches and jewelry, on the Hedera blockchain. It aims to modernize the $100 billion diamond industry with a distributed ledger. This ensures the authenticity and transparency of certified assets, as well as security.
Under the new agreement, all goods certified by WGI will receive a blockchain-based digital certificate. This ensures immutable verification of their origin, classification, authenticity and ownership. One of the most innovative aspects of the system is the fact that insurance can be directly linked to digital certificates. With the help of global broker Acrisure, clients can quickly and easily insure their valuables.
To add another layer of protection against fraud, WGI intends to laser engrave token identifiers on the objects, similar to the numbers on existing diamond reports. In addition, certified products are equipped with NFC chips. In the event of an attempt to manipulate, the digital certificate will be cancelled. Buyers can confirm the authenticity of their products by scanning the chip with a smartphone, which ensures reliable protection throughout the entire supply chain.
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