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Singapore to test blockchain PoC for diamond trading

Friday 16 June 2017 | 01:32 PM CET

Singapore Diamond Investment Exchange (SDiX) has teamed up with two blockchain startups to trial blockchain verification for diamond trading.

The exchange is working with Kynetix, which develops blockchain-powered commodity marketplaces, and Everledger, which uses the tech to track the trade of diamonds, to authenticate a proof-of-concept aimed at creating verifiable trails for precious stones.

According to a press release for CoinDesk, the concept is designed to enable holders of diamonds with certificates from a verification laboratory to authenticate the ownership and authenticity of the diamonds using a distributed ledger. Changes of diamond ownership on SDiX will be updated on the ledger, creating a digital record for market participants.

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