In a bid to build trust among transacting partners in the blockchain and crypto sphere, popular blockchain-based data validation platform VIDT has recently launched its NFTs on Binance Smart Chain.
With fraud and other forms of manipulation a major issue in the blockchain and crypto ecosystem, the importance of trust cannot be over-emphasized. This is where VIDT Datalink Validation Service comes in. The platform aims to end all forms of fraud and manipulation in the digital data sphere. To achieve this, VIDT has incorporated the issuing of non-fungible tokens (NFTs) as proof of legal ownership of a particular data or asset.
More on VIDT Datalink
Prior to this announcement, VIDT Datalink is well known for safeguarding important data and documents like diplomas, sensor data, certificates, etc. The platform has, however, taken this a step further. It has incorporated protecting physical assets like art pieces and vintage items like jewelry and photographs.
One major example of this is the Rembrandt on Chain project, alongside CMS Law and Douwes Fine Art. The project was largely successful and attracted a lot of international media, including the famous Elsevier magazine.
Another outstanding project was that of protecting the original prints from Pim Volkers. Volkers is a National Geographic award-winning photographer. VIDT was also actively involved in designing the structure for verifying diamonds. The blockchain-based digital data validating platform holds the key to absolutely prove the authenticity of these objects. Apart from its unique fingerprint feature, the platform also implements other methods to validate the authenticity and ownership of a particular item.
VIDT NFTs authentication process
To further improve its service, VIDT has launched non-fungible tokens (NFTs) as a means of legal ownership. Like the Rembrandt project, the data security platform will first draw up samples of comprehensive certificates. Next, the platform will collaborate with professionals to help authenticate the certificates. Once authenticated, the verifiable digital certificate is linked to an NFT using the digital certificate verifiable fingerprint. The NFT is only transferable – it can neither be copied nor falsified.
VIDT NFTs’ transaction records will then be stored on Binance Smart Chain, further serving as a “digital proof of provenance.” The datalink service platform has plans to tokenize and secure Amsterdam’s Rolex Milgauss 6541, a vintage watch.
— VIDT Datalink (@VIDT_Datalink) October 14, 2020
NFTs definitely has a strong future in the authentication space. Many believe they will soon be employed as legal proof of ownership of company stocks. Not to be left behind, VIDT, alongside a yet undisclosed partner, has put plans in place to make this a reality. Firms like Nyenrode, AmSpec, and IBM already make use of the VIDT Datalink Service to secure documents like certificates, invoices, etc.
The platform also recently partnered with Fantom.
At the time of writing, VIDT datalink was trading at $0.443270, with a market cap of $20,507,051 and 24-hour trading volume of $1,298,087.
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