Welcome to the network’s most luxurious cryptocurrency themed boutique, stocking only the highest quality products from around the globe. Why decentralize the world? Why trust when you can verify? No fiat, no credit, no problem, with many cryptocurrencies accepted you can now turn your alts into the finest jewelry and art on the chain.
What is Blockchain?
For starters, blockchain is a decentralized database that records a transaction permanently on its database that is shared among trusted computers. Blockchain is transparent, this means that anyone can access the stored information from anywhere with the help of a secure key. The catch, however, is that the information stored in the blockchain cannot be edited.
Thus, a consumer or stakeholder who is involved in the transaction will need to verify the information on their own instead of asking or trusting a third party to do so.
All these qualities make blockchain highly reliable.
The Meaning of Blockchain For The Diamond Industry
If you are a diamond buyer, you will understand how important it is to track its origin, price, and authenticity.
However, tracing the complex supply chain of the diamond is not an easy task. From mines in Canada and Africa to diamond cutters in India and bourses in Dubai, Antwerp, and Israel – a diamond goes through a lot of places before reaching stores.
While insurers want to stop theft and fraud, consumers want to ensure that their precious items were not sold to wars and finance insurgencies. Although dealers have a diamond grading information, there is no inviolable record that could testify the origin of diamonds.
Blockchain seems to be a viable solution amid all this chaos. Blockchain can help you track the movement of a jewel within an opaque supply chain. Additionally, it could also help you authenticate and verify the ownership of the piece involved.