Singapore Diamond Investment Exchange partners with Kynetix and Everledge to trial first-ever blockchain verification and record-keeping service for diamond trading

Singapore, June 15, 2017 – Singapore Diamond Investment Exchange (SDiX), the world’s first commodity exchange in physically settled diamonds, today announced that it has successfully partnered with Kynetix, the physical commodity digitisation expert, and Everledger, supplier of blockchain and distributed ledger infrastructure, to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure record-keeping service for trading diamonds on a global commodity exchange. The technology is designed to enable holders of diamonds with certificates from a major third party verification laboratory to authenticate the ownership and authenticity of the diamonds using Everledger’s distributed ledger technology queried securely through Kynetix’s Sentinel market infrastructure platform. Changes of diamond ownership resulting from trading on SDiX can be automatically updated via the facility, creating a permanent digital record to ensure optimal functionality for market participants. The solution accurately authenticated the key details of a consigned diamond basket on SDiX consisting of GIA-certified stones using unique data points hosted securely online; a key part of the output is a “view receipt” of the digital certificate for each stone in the basket, housed on the blockchain. The system opens up the potential for a range of future applications for diamond market participants, including

Continue reading Singapore Diamond Investment Exchange partners with Kynetix and Everledge to trial first-ever blockchain verification and record-keeping service for diamond trading. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply