|The Singapore Diamond Investment Exchange (SDiX) has announced that it has entered into partnership with Kynetix (a physical commodity digitisation expert), and Everledger (a 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 reportedly 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. SDiX notes that changes of diamond ownership resulting from trading on SDiX can be automatically updated via the facility, creating a permanent digital record.
Says SDiX: "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." Commenting on the partnership, SDiX CEO Linus Koh says, "This exciting collaboration builds on SDiX's record of delivering advanced technologies to enable a trusted, fair and transparent marketplace for trading diamonds as an investable asset class. This new concept draws on blockchain's distributed ledger capability to demonstrate how we can further instil confidence and convenience for the benefit of diamond investors and financiers."