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Blood Diamonds To Become Sordid History Through Blockchain

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Diamonds' supply chain can be transparent thanks to HashCash and Diamante.

Since the debut of the Blood Diamond movie featuring Leonardo DiCaprio, more jewelry customers ask questions about the source of diamonds. In this light, various entities are working towards certifying the source of diamonds to ensure they are not blood diamonds. Therefore, HashCash working with Diamante is an effort towards that noble goal.

According to a news release, the California-based HashCash Consultants is adding to its exploits in the blockchain space. The firm is at the forefront of making blockchain work for a range of industries. Particularly, the ability of blockchain to track a product from a producer to the end-user promises to engender trust and end morally dubious practices.

HashCash Working with Diamante to Create Diamonds Transparency

On the other hand, Diamante is a global diamond consortium that leverages blockchain technology for operations. Interestingly, the blockchain platform already has a native token, DIAM, which facilitates transactions within the community.

In particular, Diamante wants to use blockchain to bring trade in diamonds closer to encrypted digitization. Meaning, the digitization intends to surmount the challenges facing the diamond business. Conflict diamonds is one of those challenges.

With HashCash working with Diamante, the market will experience the best in class services leveraging blockchain.

According to the news release, the partnership will fortify the use of blockchain in tracking the movement of a registered diamond.

Specifically, the system will first register the gems in focus. After that, they will have their data entered on the platform at the point of extraction. Subsequently, the gem will have its data modified by individuals with the right clearance.

Stakeholders Receiving the Solution with Enthusiasm

In essence, recording of data at every point of the supply chain will enable stakeholders to keep tabs on its progress. Foremost, the data stored on the platform is secure and accessible to any interested party. This will foster transparency and engender trust regarding the precious gems.

Due to the ease of data availability to anyone, jewelry customers will be able to trace their product. Particularly, they will be able to trace the path of the diamond on their engagement ring quite easily.

In essence, the need for such tracking and tracing is to lock out criminal groups that obtain their diamonds illegally and violently. Further, the solution will help to curb the practice of militias obtaining diamonds at the expense of local innocent lives.

Already, major players are showing great enthusiasm for the solution. As per the news release, DeBeers and Fura Gems are using the advanced technologies to improve the verification of their products.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

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