World Economic Forum asks, “Could blockchain help stem the flow of conflict diamonds?” This is a valid and timely question. Blockchain is poised to update management of supply chains around the world. Recently, FedEx announced it is using blockchain to track support issues for package delivery. Blockchain can also work with tracking of the integrity of supply deliveries–including the integrity of diamond sourcing.
“Diamonds and gemstones mining, as well as raw materials extraction and processing, are some operations that still have rampant instances of modern-day slavery, poor health and safety conditions, as well as environmental destruction.”
“The use of emerging technology, in particular, blockchain technology, has the strongest potential in addressing this. A distributed database that maintains a continuously growing list of records called blocks, it acts like a digital ledger. The core characteristics of blockchain – immutability, security, speed and scalability – can enable the solutions required, ideal for traceability requirements.”
Once again, blockchain is at the cutting edge of business innovation.