How Blockchain Can Be A Diamond Buyer’s Best Friend

Blockchain, the underlying technology for cryptocurrencies like bitcoin, also can help make supply chains more secure. Because blockchain uses a distributed ledger system that can’t be altered, it fights fraud during fulfillment and logistics operations for precious commodities, such as diamonds.

For example, when the diamonds are extracted, their provenance is traditionally established and proven with paper certificates, which are prone to forgery. With blockchain, however, authentication of provenance is stored on a digital ledger that can’t be altered. Additionally, during shipping processes, diamond information can be pre-entered onto the blockchain from any location, creating a “digital twin” in a secure vault that’s accessible by shippers and carriers.

Learn more about the security and record-keeping benefits of blockchain in this infographic from eft.

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Source: eft.

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