Combat Pure diamonds with Blockchain Technology
CBW -External Analyst
Jan, 05 2021
When it involves the Diamond industry, there's no better time than now to use emerging technology to unravel the long-running issue of conflict mining. consistent with various research studies, these rebel forces can make anywhere from $3 million to $6 million per annum from pure diamonds. what's disheartening is that much of the forceful labor is imposed on young and innocent civilians. Mostly in countries just like the DRC, Sierra Leone, Angola, Central African Republic. These rebel forces can make anywhere from $3 million to $6 million per annum from pure diamonds.
Hacking a Blockchain
If you're wondering what meaning, it relates to the present popular question; "Are Blockchains are un-hackable? "
The fact is, it's incredibly difficult to hack any Blockchain. Hacking anybody block would mean having to hack every preceding and subsequent block before the subsequent block is made. This becomes exponentially difficult to try to do because the chain of blocks grows.
Kimberley Process Improved
the matter is that it's still a paper-based solution that relies on certifications and a community of traders. Although the initiative was intended to try to do good, it doesn't eradicate the likelihood of malicious activity within trading communities. The trust is made into the system and transactions are open and transparent.
Transactions would record the unique fingerprint of each stone including its color, carat, and clarity, the serial number also as what proportion each stone was sold for at every touch-point. we might be ready to trace every step of a diamond sale on the Blockchain.
The Future is shining Bright sort of a Diamond. To summarize, it's clear that diamond Blockchains are a serious turning point in this industry. this can drastically reduce the profitability of these selling pure diamonds, which can subsequently cause the top of the pure diamond era.
CBW - External Analyst