Blockchain technology helps verify where diamonds are mined

Blockchain technology and #AI join forces to keep diamonds out of the rough. See how:  💎

  • Leanne Kemp, founder and CEO of  Everledger, saw an opportunity to use blockchain technology to verify the origin of rough-cut diamonds, and open up the market to potential investors.
  • “With any supply chain intensive business, including the diamond industry, there are huge data sets being created.
  • The journey of food, from farm to fork – – Applying a similar tracking approach, using the distributed public blockchain network Ethereum, the company Ambrosus aims to verify the quality, safety and origin of food from farm to table.
  • This is done through a combination of Amber, the world’s first bonded token that follows food products alongside supply chains, the recording of sensor data using Ethereum blockchain, and decentralized storage solutions.
  • In addition to tracking the origin of food, our sensors will record storage conditions, such as temperature, continuously on the Ambrosus token.”

Blockchain technology is used to track diamonds and the food supply.

What’s a diamond that never gets cut or polished? A diamond left in the rough. What’s a diamond with an untraceable journey? Possibly a conflict diamond that was mined in a war zone, and used to finance an invading army’s war efforts.

Because the diamond industry has for many years been operating with little visibility, many banks have pulled financing from this sector. Leanne Kemp, founder and CEO of  Everledger, saw an opportunity to use blockchain technology to verify the origin of rough-cut diamonds, and open up the market to potential investors.

see also: How blockchain can help women advance

“I wanted to prove that blockchain could reinvigorate the industry and engage with the major stakeholders again.””The industry needed to change, otherwise it would’ve died a quick death,” Kemp says. “I wanted to prove that blockchain could reinvigorate the industry and engage with the major stakeholders again.”

Everledger begins tracking a diamond immediately after the sorting office. Kemp says her company puts the gemstones through “rigorous protocols,” and follow the diamonds through the value chain. Additionally, Everledger takes the metadata of the stone and cements that together to ensure the stone completely traceable.

That sounds like a lot of data to mine. And it is.

Kemp says, “The first thing to understand is that decentralized and shared data encourages data…

Blockchain technology helps verify where diamonds are mined