The World Gemological Institute (WGI) has launched a groundbreaking partnership 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 guarantees the authenticity and transparency of certified assets, as well as security.
Under the new agreement, all WGI-certified goods will receive a blockchain-based digital certificate. This guarantees immutable verification of their origin, classification, authenticity and ownership. One of the most innovative aspects of the system is the fact that insurance policies can be linked directly to digital certificates. With the help of global broker Acrisure, customers can insure their valuables quickly and easily.
To add another layer of protection against fraud, WGI plans to laser-engrave token identifiers onto the objects, similar to the numbers on existing diamond reports. In addition, certified products are equipped with NFC chips. If tampering is attempted, the digital certificate will be canceled. Buyers can confirm the authenticity of their products by scanning the chip with a smartphone, ensuring reliable protection throughout the supply chain.
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