Blockchain technology has proved to be just what the diamond sector needs.“Blockchain is a particularly powerful technology when used alongside other technologies such as artificial intelligence, the internet of things and security t echnolog y, as it helps to create trust and transparency by validating items as varied and complex as diamonds, whose physical characteristics can be changed and sub-divided numerous times between mine and finger,” said Mark Cutifani, Anglo American chief executive. The company’s De Beers currently provides roughly one-third of the global supply of diamonds by value and was under pressure to deliver a step-change in assurance regarding diamonds' authenticity and sourcing.Improving transparency in the African diamond industry has been a critical focus for several years. The industry has been plagued by blood diamonds – stones mined in African war zones – and increased demand from consumers to know where the jewels are from. Blockchain introduces an unprecedented level of security to the supply chain.
INSERT: Blockchain is a particularly powerful technology when used alongside other technologies.– Mark Cutifan