Digital Identity System for Real World Asset Using Blockchain

The ability to develop digital twins (DTs) has been made by the quick development of computing, storage and networking technology. A representation of a component, object or piece of machinery from the real world is known as the digital replica that is a Digital Twin (DT). It ensures secure and traceability, accessibility and immutable transaction and data provenance, we develop Dts using an approach based on blockchain. In this method smart contracts are used to track and save the actions of those involved in DT creation. The digital twins for costly gold jewelry is the method that has been used. The possibility of priceless jewelry being stolen or lost is very high. So, we came up with the concept of developing a distinct NFT for each item. As a result, each piece of jewelry will contain a special NFT token that will be linked to the original piece. Non-fungible tokens (NFTs) are tokens that exist on a blockchain and cannot be duplicated. So only if anybody owns the NFT, the jewelry belongs to them. Even if the jewelry is lost or stolen, a public address will be needed to sell the jewelry so nobody can’t sell it without the jewelry owner’s knowledge. In every piece of jewelry, the NFT will be engraved into the jewelry and also an Ethereum wallet will be created and a public address will also be allocated to the jewelry owner. When person A is selling a piece of jewelry to person B, all the NFT ownership has to be transferred to person B. This system is secured because the NFT Ownership is something which can’t be stolen. After all, it is not a real asset.