Hassan Maishera
HBAR Foundation, the development team behind the Hedera blockchain, announced via a blog post on Wednesday that Vaultik has partnered with the World Gemological Institute (WGI) to tokenize $3 billion worth of diamonds, gemstones, watches, and jewelry on the Hedera network.
Vaultik is a cutting-edge luxury fintech platform, while WGI is the UK’s largest and most trusted gemstone certification lab. The partnership addresses some of the most pressing challenges in the luxury market, including fraud, inefficiency, and lack of transparency. It offers a unique opportunity to redefine how luxury goods are bought, sold, verified, and protected in the digital age.
An insurance feature enabled via global broker Acrisure brings substantial additional value to the proposition, empowering authenticators to provide a higher standard of service while opening up new revenue opportunities. Each authenticated item will be assigned a unique, immutable digital certificate on the Hedera network, which ensures the speed, scalability, and security of the tokenization process.
Hedera Hashgraph is a distributed public ledger infrastructure. According to the team, it offers significant improvements over existing blockchains in five areas: performance, security, governance, stability, and regulatory compliance. HBAR is trading at $0.32832 at press time, up 8.7% over the last 24 hours.
