Vaultik Diamond Company Uses Hedera Blockchain (HBAR) for Asset Tokenization

Bittime - The world of luxury industry is entering a new era thanks to collaboration between Vaultik, a fintech company focused on the luxury goods industry, and the World Gemological Institute (WGI), a leading diamond certification body. 

In a revolutionary move, the two companies have announced a strategic partnership for the tokenization of $3 billion worth of assets, including diamonds, gemstones, watches and jewelry, using Hedera (HBAR) blockchain technology.

This move is not only innovative, but also provides practical solutions to some of the major challenges facing the luxury market today, such as fraud, inefficiency and lack of transparency. 

With Hedera blockchain technology, Vaultik and WGI offer immutable digital certificates that provide a secure way to trace the origin, valuation, authenticity and ownership of assets that have been certified by WGI.

Tokenize Luxury Assets with Hedera Blockchain

Asset tokenization via the Hedera blockchain aims to provide an additional layer of security in luxury goods transactions. With digital certificates produced by Vaultik, customers can obtain legal and accountable proof of ownership of assets such as diamonds and precious jewelry. Every asset certified by WGI will have a token ID recorded on the blockchain, providing assurance that the information cannot be changed or falsified.

Also read: HBAR Price Prediction 2025, Get Ready to the Moon!

Additionally, Vaultik has integrated an insurance feature into this system, allowing luxury goods owners to insure their assets directly via digital certificates. This insurance is enabled in collaboration with global broker Acrisure, and provides greater value for customers by offering more practical and secure protection for their goods.

Addressing the Challenges of the Luxury Goods Market

This partnership between Vaultik, WGI and Hedera addresses several key problems in the luxury goods market which is often characterized by fraud and non-transparent transactions. 

As Noam Lenzini, Co-Founder and CEO of WGI, said, "The authenticity of our products must be beyond doubt. By tokenizing our certificates, buyers and sellers can rely on a secure, verifiable system to confirm the value, authenticity and ownership of valuable assets ."

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This collaboration is expected to introduce a new system for buying, selling, verifying and protecting luxury goods in the digital era. Lenzini added that the move was a "significant step towards establishing greater trust and security in the industry."

Additional Certification and Protection with NFC

Every asset that has been certified by WGI will be equipped with an NFC (Near Field Communication) chip, which will remain intact throughout the supply chain until the item is received by the owner. 

If this seal is broken at any point in the shipping or transfer process, the certificate will automatically become invalid. With this technology, customers can scan the NFC chip using their smartphone to access digital certificates and verify product authenticity in real-time.

New Opportunities in the Digital Asset Market

Aside from the $3 billion tokenization deal, Vaultik is also developing a consumer application for luxury goods authentication. The app will allow users to upload and verify diamonds, gemstones, watches, luxury bags and other collectibles through a global network of trusted partners. This opens up huge potential for wider industry changes in the way luxury goods are authenticated and traded.

Pietro Novelli, Co-Founder and CEO of Vaultik, said, "The collaboration between Vaultik, WGI, Acrisure and Hedera heralds a new era in diamond and gemstone certification. Traditional paper-based certificates or PDFs sent via email are vulnerable to counterfeiting and inefficiencies. With leveraging blockchain technology, we provide a more secure, efficient and lower cost solution that ensures authenticity, reduces fraud and increases consumer trust."

Conclusion 

This innovation not only brings solutions to existing problems in the luxury goods industry, but also creates new opportunities for monetization and efficiency in digital transactions. Using the secure, transparent and sustainable Hedera blockchain, Vaultik and WGI are paving the way for a more sophisticated and integrated future for the global diamond and luxury goods markets.

This initiative is a clear example of how blockchain technology can change the way high-value goods such as diamonds and jewelery are traded, verified and protected, opening up new possibilities for consumers, luxury goods enthusiasts and industry players alike.

With major steps towards further development of applications and authentication systems, this partnership has the potential to change the face of the luxury goods industry and break new ground in the world of digital certification.

FAQ 

What is asset tokenization and how does it work? 

Asset tokenization is the process of converting physical assets into digital form recorded on the blockchain. In this case, diamonds, gemstones, watches and jewelry will be converted into digital tokens that represent their value and ownership, providing security and transparency in every transaction.

How can I verify the authenticity of luxury goods certified by WGI? 

Every item certified by WGI will be equipped with an NFC chip and ID token recorded on the Hedera blockchain. You can scan the NFC chip with your smartphone to access a digital certificate containing information about the authenticity and ownership of the item.

Can I insure my goods via a digital certificate? 

Yes, Vaultik is working with global broker Acrisure to enable luxury owners to insure their assets directly via digital certificates. This feature provides additional protection for your valuables.

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Reference

Forbes, Why This Deal Could Mark A New Era For The $100B Diamond Industry, accessed January 17, 2025.

ivy X Hedera Account, accessed January 17, 2025.