Abstract

Blockchain potentially acts as an immutable, transparent ledger for digital transactions. We equate jewellery to an NFT and model a Blockchain-based marketplace, thus enabling standardized purchase provenance and documentation. NFTs, or Non-Fungible Tokens, are unique and non duplicable, and thus ideal proxies for our use case. Additionally, it is possible to sell and buy products off the ledger, just as one can trade cryptocurrencies. Using NFT to manage jewellery sales would therefore make the sales secure, and make it easier to keep track of assets. We propose a model and UI, "Navrat", that would allow users to create, buy and sell NFTs of jewellery, adding the value of digital rarity and legacy along with its physical attributes. The users can check details like allied previous transactions in the marketplace, the price at which it was sold, and buyer and seller details. We identify the key strengths of Navrat as secure documentation and an added dimension of digital landscape in the jewellery market, of employing the model. We also acknowledge that there is scope for improvement when it comes to feature enhancements and analysis of environmental impact of implementing the solution.