Diamond Traders From Singapore Will Soon Use Blockchain To Confirm Orders
Diamond Traders From Singapore Will Soon Use Blockchain To Confirm Orders

Singaporean Diamond Traders Will Soon Use Blockchain to Verify Orders

The Singapore Diamond Investment Exchange (SDiX) has announced its partnership with two blockchain startups, Kynetix and Everledger, to develop a blockchain-based platform to review diamond companies.

Following the official announcement of SDiX, the three companies completed the development of a blockchain proof-of-concept platform using Everledger’s blockchain infrastructure. With the standard digitization company Kynetix, Everledger and SDiX want to test the blockchain platform in the second phase of development.

For SDiX and commercial firms in general, flexibility is the key component since exchanges are required to settle millions of data points to review, approve and confirm the completion of orders.

Linus Koh, CEO of SDIX, emphasized that any order that is processed by the SDIX chain block trading platform is automatically updated in real time by evidence of permanent encryption and time stamps and signatures are created that prove both diamond traders and brokers can be ..

In a statement, Koh said the implementation of the blockchain technology is an important part of the company’s long-term vision and strategy to build trust between the stock exchange and diamond investors based in Singapore.

He explained:

“[Demonstrating the capabilities of Blockchain technology] how we can further promote trust and convenience for the benefit of diamond investors and financiers.”

Since 2015, the Everledger development team has focused on the development of blockchain technology as a technology for fraud prevention and data maintenance. Two years ago, Everledger CEO Leanne Kemp said in an interview with TechCrunch that start-up companies that focus on obtaining diamonds in a constant block chain network by different insertion data, such as serial numbers and diamond metadata points.

“If you have a five-carat diamond, you not only record the serial number, which is inscribed in the stone, but most diamonds are four Cs (the cut, clarity, etc.) described. we have these four Labs inspect the stone, effectively digitize each of these diamonds … All the angles and cuts, the gazebos and the whole crown the serial number and the four C’s, and we put everything in the blockchain ” said Kemp.

For more than two years, the Everledger development team focused exclusively on the application of block chain technology in the global diamond industry and conducted commercial applications, which were developed in the block chain infrastructure to ensure that diamond trading platforms and insurance brokerage and transparent to Blockchain- Base provided. Platforms

Diamond exchanges and major companies like SDiX are teaming up with Everledger for its secure infrastructure and its participation as one of the members of the Hyperledger Foundation. The Blockchain infrastructure providers and the multimillion-dollar companies within the Hyperledger Foundation are leaders in the development of public and private blockchain systems.

The need for companies like SDIX, highly flexible Blockcahin-based platforms and interoperable protocols have private block chain platforms that have been developed by companies such as IBM, Intel and Everledger have proven their effectiveness.

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