Diamond Industry in India Leverages Blockchain Technology

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Diamond Industry in India Leverages Blockchain Technology

Diamonds were always known as a girl’s best friend. However, two diamond firms in India have gone ahead and made a new best friend- blockchain. Indian companies  Dharmanandan Diamonds and Hari Krishna Exports are now leveraging blockchain technology to enhance traceability of stones through supply chain.

Dharmanandan Diamonds has partnered with international company Everledger to place the company’s diamond data on a blockchain platform. The collaboration will realise two important objectives: Everledger’s blockchain platform which will put the company on the map and Dharmanandan’s Time-Lapse, a report which will show the complete process from when a diamond was procured to when it reaches a customer.

Last week, in a statement Everledger founder & CEO Leanne Kemp said, “We are pleased to be driving such a major industry initiative, ensuring data accessibility and transaction transparency for all stakeholders globally. The harmonisation of data protocols is imperative to ensuring a systemic approach to provenance tracking and reporting. We understand the industry’s desire to provide authenticated provenance, stemmed from strong consumers’ interest in the lifetime journey of their diamonds.”

The Diamond Time-Lapse protocol will be accessible from two user platforms: one will be for retailers and another will be for consumers. The manufacturer’s side will track raw materials and goods as they move through the supply chain, while the consumer’s version will be available as a mobile application on both iOS and Android platforms.

Dharmanandan Diamonds Director Sales & Marketing Vipul Sutariya said, “As initiators of the Diamond Time-Lapse traceability program, we believe blockchain is a fascinating technology and breaks all the existing stereotypes of the diamond industry.”

He added, “Streamlining the processes of the diamond journey from mine to the consumers on the blockchain gives directional solutions to bring transparency and positive change in the industry. The DTL platform definitely benefits the industry at large but also adds value to the lives of the artisans and their families who have dedicated their generations to the trade.”

On the other hand, Hari Krishna has incorporated blockchain technology for its mobile app users. Brijesh Dholakia, CEO of Hari Krishna said, “Blockchain technology is secured using cryptography, which means that no one can tamper with the data once it has been recorded, and because the data is stored across its network on multiple locations, it eliminates the risk that comes with holding data centrally. It assures authenticity of information.”

Soure by:-crypto