Blockchains are forever: DLT makes diamond industry more transparent

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-The diamond industry is worth 68 billion dollars and is undergoing a paradigm shift in recent times
-This shift incorporates modern technology such as blockchain to improve diamond production, tracking and ultimate sales
-The idea of integrating blockchain into the industry was only introduced in recent years and is likely to reawaken mainstream interest and further improve global production
-Ethical concerns about the backbone of the diamond industry are prevalent and have scared away potential investors
-Conflict diamonds, otherwise called blood diamonds, are diamonds mined in territories controlled by rebels opposing a legitimate government and subsequently used to fund these rebel movements
-The Kimberley Process was established in order to inhibit the flow of blood diamonds into the global diamond market but has been condemned by organizations such as the Canada-based nongovernmental organization IMPACT
-De Beers’ Tracr is a blockchain program that was piloted in early May 2018 with initial plans to launch later in the same year and a vision to make the platform accessible to the global diamond market
-The TrustChain Initiative was created with the goal of increasing transparency for consumers by tracking the origins of jewelry using the IBM blockchain platform
-Rare Carat partnered with EverLedger to provide more transparency on the origins of diamonds on its platform by using EverLedger’s blockchain
-Blockchain has proven to be useful in improving the diamond industry, especially in addressing issues with regard to the origins of diamonds

 

 

Blockchains are forever: DLT makes diamond industry more transparent
Blockchains are forever: DLT makes diamond industry more transparent 2

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