Diamond Industry to Use Blockchain Technology to Stop Funding Wars

A distributed ledger could help you avoid buying blood diamonds.

The process by which blockchain technology is taking over the world just keeps accelerating. It seems like that in recent months each and every day we learn about some new application, from cheques to smart guns, powered by the distributed ledger technology pioneered by the creators of Bitcoin.

Now we learn that blockchain technology could soon be used to stop illegal fighters in war torn areas of the world from funding their efforts with the mining and sale of diamonds.

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Ahmed bin Sulayem from the United Arab Emirates, who is the current chairman of the Kimberley Process Certification Scheme, the organisation tasked with stopping the circulation of so-called ‘blood diamonds’, announced the new blockchain initiative as part of his midterm message on the progress of the initiative.

“We have introduced the possibility of using blockchain technology to create a seamless and continued global process for the Kimberley Process Certification Scheme,” the chairman said.

According to reports from the UAE, Mr bin Sulayem has already held meetings with the Blockchain Council of Dubai and is working on a test project that would use the technology to monitor Kimberley Process Certification Scheme statistics. An update is scheduled to be delivered to the annual plenary meeting of the organization in Dubai in November.

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