The
diamond industry is one of the oldest in the history of our love for precious metals and stones. Over the centuries with the expansion of globalization and better mining and distribution techniques, the diamond industry has become worth billions of dollars. This vast and far reaching industry includes various sectors making up its value chain, including mining companies, shippers, cutters, polishers, certifiers, manufacturers, retailers, and end customers.
The
Diamante blockchain consortium provides a unified marketplace to its members from across the diamond industry. Here, they can be assured that the precious stones and jewelry they deal in are legally procured and comply with government regulations. This is done by maintaining a record of all the transactions executed within the consortium on a decentralized distributed ledger that are validated by smart contracts.
Information stored in a blockchain ledger is assigned a unique encryption or hash code which renders it immutable. These informations are saved in interconnected blocks or nodes protected by multiple layers of security programmes, making the data cache extremely difficult to hack into. Moreover, since it does not have any central point of control, the ledger can be accessed by every member of the consortium for audit or verification. The blockchain ledger is therefore extremely secure and transparent, eliminating every possibility of fraud.
Transactions on the Diamante Blockchain network can be carried out using their native digital asset, DIAM. This reduces transaction costs significantly, and the process of transferring money from one digital wallet to another is much faster than traditional methods of payments. Also, wallet owners are saved the trouble of sharing sensitive details online as they would have had to do with credit and debit cards payments.
Diamante Blockchain is focused on bringing greater transparency and accountability to the industry. It effectively replaces the role of third parties such as middlemen and time-consuming bank protocols with direct communication between consortium members for business purposes. The overall prospect of blockchain technology to facilitate the workflow in the diamond industry to function at its full potential is immense. Diamante Blockchain has emerged as one of the forerunners to recognize this potential and carry it to manifestation.
