VIDT’s mission is to secure authenticity through data integrity, thereby providing the fundamental checks needed for our rapidly digitising world to function properly. The link with physical objects already launched in spectacular fashion with the first Rembrandt art secured on the blockchain. In the world of art and collectibles, provenance is a big part of authentication. This is where NFTs fit perfectly to tackle this challenge. >What is a non fungible token?
In typical VIDT style, this NFT use case starts with a remarkable example. In another collaboration with Amsterdam Vintage Watches, a 1956 Rolex Milgauss is the first watch to have both its authenticity secured and its provenance recorded on the blockchain.
In 1956, Rolex launched the Milgauss, a toolwatch engineered for scientists who work in environments with extreme electromagnetic fields. It became known to be worn by the scientists of CERN. The Milgauss, with its integrated Faraday cage, is able to withstand electromagnetic forces of up to a 1000 Gauss. Today, it is one of the rarest and most expensive Rolex watches in existence.
Let’s look at the steps involved:
The watch’s authenticity is checked and confirmed by the experts from Amsterdam Vintage Watches.
AVW issues and anchors the certificate of authenticity for this watch, containing detailed descriptions and macro photos. This certificate is in PDF format, so it may be copied and shared freely, and all the while each copy is verifiable by anyone in 5 seconds with just an internet browser.
The digital fingerprint, or hash, of the certificate is included in a new, non fungible token. Like this particular watch, there is only one of this NFT, and it is stored in the digital wallet of the owner of the watch.
VIDT has named their NFT “VIDTC”. The C stands for “claim”, since the NFT represents a claim on (partial) ownership of something.
Proof of legitimate ownership
As with the certificate of authenticity, the NFT will be kept with the watch. Like a receipt or invoice, the NFT proves the legitimate ownership. The NFT, however, is not vulnerable to manipulation like its ancient paper relatives.
Proof of provenance
As one day the watch will transfer to a new owner, so will the NFT. The transfer, and all future transfers of this NFT will be recorded on the blockchain, building an immutable digital proof of provenance.
In the world of vintage watches, fraud is unfortunately very common, making trust the most valuable factor for traders and collectors alike. This is indeed the case in the broader world of art and collectables as well. In fact, over the last 50 years, the U.S. Department of Justice (DOJ) has ranked art crime behind only drugs and arms in terms of highest-grossing criminal trades.
With the combination of Expert, Certificate and NFT, VIDT Datalink has the toolset and methodology to perfectly utilise blockchains’ strongest characteristics and ensure trust in an industry where it is most needed.
More NFT use cases
This use case, Luxury Goods, is the first NFT use case in a series of three. Look out for our presentations of other NFT use cases Company Stocks and Social Privileges in the coming weeks.
VIDT Datalink is a blockchain-powered data validation platform. VIDT Datalink enables organizations to protect their digital data against fraud and manipulation. A simple but strong formula that adds and protects value at minimum expense and effort. Organizations like Nyenrode, AmSpec and IBM use VIDT Datalink to certify and secure digital documents like certificates, invoices, diplomas and sensor-data.
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