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Blockchain Verification Being Tested in Singapore
Jun 18, 2017 8:47 AM
By Rapaport News
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RAPAPORT... The Singapore Diamond Investment Exchange (SDiX) is testing blockchain technology as a way to authenticate ownership of diamonds, noting the methodology could cut costs and improve efficiency in the industry.
Blockchain is a public database of transactions that allows
anyone on the network to view records, eliminating the need for a central
authority to verify trades and making it impossible to tamper with data. It is
the technology behind bitcoin, the cryptocurrency launched in 2009.
The Singapore exchange has partnered with two specialist firms to produce
the first part of the service, which lets holders of graded diamonds prove their
authenticity and ownership. With the technology, changes of ownership
automatically appear on the system, creating a permanent digital record.
SDiX – collaborating with physical commodity digitization
company Kynetix and blockchain distributor Everledger – was able to confirm the
effectiveness of the service by testing it out on a “basket” of diamonds. The
technology accurately authenticated the key details of the selection of the
stones, graded by the Gemological Institute of America (GIA).
“The system opens up the potential for a range of future
applications for diamond-market participants, including enhanced provenance
data, increased supply-chain security and efficiencies, and new risk-management
tools,” SDiX said in a statement Thursday.
Editor’s Note: The original headline was changed to avoid confusion regarding the name of the company involved. SDiX is a private company and should not be mistaken for the Singapore Diamond Exchange or the Singapore Stock Exchange.
Image: deavmi via Wikimedia Commons |
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Tags:
bitcoin, Blockchain, cryptocurrency, Everledger, Gemological Institute of America, GIA, Kimberley Process, Kynetix, physical commodity digitization, Rapaport News, SDiX, Singapore, Singapore Diamond Investment Exchange
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