A diamond exchange service based in Singapore is partnering with two blockchain startups.
Singapore Diamond Investment Exchange (SDiX) is working with Kynetix, which develops blockchain-powered commodity marketplaces; and Everledger, which uses the tech to track the trade of diamonds. The three firms are working on an authentication proof-of-concept aimed at creating verifiable trails for precious stones.
According to a press release, the concept is designed to enable holders of diamonds with certificates from a verification laboratory to authenticate the ownership and authenticity of the diamonds using a distributed ledger. Changes of diamond ownership on SDiX will be updated on the ledger, creating a digital record for market participants.
Linus Koh, CEO of the Singapore Diamond Investment Exchange, said:
Companies and exchanges have been experimenting blockchain in industries where authenticity of physical commodity and identity can be a problem. It's an area that has attracted significant interest in the past year, with projects like one by the United Nations to record and authenticated aid for war-zone refugees.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Everledger.
Diamonds Image by Shutterstock
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