The diamond industry has functioned in an isolated and closed environment where sellers and consumers are separated by intermediary brokers. Sellers were completely disconnected from the requirements of buyers, who were unaware of any information regarding the diamonds they purchased. These buyers do not know the price that the initial seller had set, and the inflated price to pay the chain of middlemen involved.
This is where diamond blockchain firm, Sixlinx Technologies, hopes to make a change by improving a decades-old traditional process, optimizing the way diamond trading has been conducted and revolutionizing the entire diamond industry for the future.
Blockchains are composed of a number of nodes, each node is as important as the other for the proper function of the system. Any transaction that is initiated on any of the nodes is updated on every other node. In the technical sense, such a distribution of data creates a base that is almost impossible to penetrate or hack.
In the case of diamonds, blockchain tracks and authenticates diamonds and precious metals through every stage in the process of becoming finished jewelry. It includes product and process verification, and third-party oversight.
Blockchain will enable a diamond dealer to upload detailed information related to his certified diamonds on a distributed ledger. This would form a permanent record of every stone and it will be free from modification from anyone. This tamper proof record is visible to all blockchain members. A prospective buyer could use this information to his advantage in terms of being more price-aware of the diamonds he is purchasing, as he or she now knows exactly how much the diamond’s price has increased throughout its entire journey from the moment it is mined.
Other significant benefits include factors such as diamond authenticity. Diamond blockchain instills trust in the origin and ethical sourcing of jewelry by bringing together a community of responsible and ethical organizations across the complex and multi-tiered jewelry supply chain. That’s important in an era of “blood diamonds,” where stones are mined in war zones to fund military actions.
It is important that diamond blockchains are supported by a team of technical experts and seasoned diamond industry professionals. Sixlinx Technologies has attracted some of the finest talents in both the technical and diamond fields, giving them a clear advantage in terms of expertise and experience, in the diamond blockchain field.
For more information, visit: http://sixlinx.io
Company Name: Sixlinx Technologies
Contact Person: Louis Vance
Email: Send Email
Phone: +1 303 262 6260
Address:Dominion Plaza 600 17th St.
State: CO 80202
Country: United States