Diamond Trading Now with Blockchain Technology

Diamonds are an expensive commodity, and their business involves risks, too. The industry's main issue is the illegal trading of these valuable gemstones. Thus, the industry is in dire need of a real-money solution. Blockchain technology can provide solutions to all these critical issues associated with the diamond industry. It allows lifespan tracking of each diamond, maintaining transparency for each transaction and thus enhancing security surrounding diamond trading. Currently, it is being used to develop asset-backed tokens such as Tiamonds- diamond NFTs by LCX or to track the diamonds from the mine to the jewelry shop. But, consistent use of this technology will definitely provide groundbreaking outcomes for the diamond industry.

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