Singaporean Diamond Dealers Will Soon Use Blockchain To Check Orders
Singaporean Diamond Dealers Will Soon Use Blockchain To Check Orders

Singaporean Diamond Traders Will Soon Use Blockchain to Verify Orders

The Singapore Diamond Investment Exchange (SDiX) has announced its collaboration with two blockchain startups, Kynetix and Everledger, to develop a blockchain-based platform to test the diamond trade.

According to SDiX’s official announcement, the three companies have completed the development of a blockchain proof-of-concept platform through the use of Everledger’s blockchain infrastructure. With the Kynetix product scanning company, Everledger and SDiX are trying to test the blockchain platform during the second phase of development.

For SDiX and commercial managers in general, flexibility is the most important component as exchanges are needed to settle millions of data points to verify, approve and confirm order fulfillment.

Linus Koh, general manager of SDIX, pointed out that each order is processed by the SDIX blockchain negotiation platform is automatically updated in real time by creating evidence of permanent encryption and timestamping and signatures that can be verified by diamond dealers and brokers.

In a statement, Koh noted that the implementation of blockchain technology is an important part of the company’s vision and long-term strategy for generating trust between the stock market and Singapore-based diamond investors.

He explained:

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

Since 2015, the development team behind Everledger has focused on the development of blockchain technology as a fraud prevention technology and data maintenance protocol. Two years ago, Everledger told CEO Leanne Kemp Techcrunch that the start-up phase was aimed at securing diamonds within an immutable blockchain network by including various data sets such as serial numbers and metadata points. .

“If you have a 5-carat diamond, not only do we capture the serial number engraved on the stone, but most diamonds are described with four C’s (cut, brightness, etc.). We do not only have these four Cs but also take the 40 metadata points that are part of the diamond, the lab houses inspect the stone, they digitize each of these diamonds effectively … All corners and indentations and pavilions and all the crowns and we take all that, as well as the serial number, as well as the four Cs, and we put all this in the blockchain, “said Kemp.

For more than two years, Everledger’s development team focused exclusively on the implementation of blockchain technology in the global diamond industry and introduced commercial applications developed in addition to blockchain infrastructure. based platforms.

Diamond exchanges and large corporations such as SDiX have collaborated with Everledger because of the secure infrastructure and participation as an affiliate of the Hyperledger Foundation. Blockchain infrastructure providers and multi-billion dollar companies within the Hyperledger Foundation are leading the development of public and private blockchains.

For companies such as SDiX, which require highly flexible, block-based platforms and fully compliant protocols, private blockchain platforms developed by companies such as IBM, Intel, and Everledger have proven effective.

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