The Diamante Blockchain Consortium is a unique ecosystem for the diamond industry which allows every functionary of the industry to co-exist in a blanket of trust, security, and traceability. The diamond industry for long has faced several problems associated with difficult market conditions, reduced profitability and lack of access to funds to develop the business further.
The financial crisis which hit the globe in the year 2008 has had a profound impact on the diamond trade. This has severely disrupted the demand-supply dynamics in the diamond ecosystem. The diamond industry feels that it is behind in terms of the demand faced by other luxury products. Diamante came up with a solution that would invariably solve the major problems existing in the diamond industry.
The Solution offered by Diamante –
This is a comprehensive initiative launched by Diamante to facilitate the integration of the entire functionary model of the diamond ecosystem under a single umbrella.
Diamante Blockchain Consortium came up with a robust solution in the form of –
- A secured corporate payment network that ensures quick transfer of cross border payments at costs which are a fraction of what is charged by banks for the same activity
- A credit line for the diamond traders to boost their trading volume
- The unified marketplace where the members can establish trade and get access to a substantially large consumer platform
- A completely safe and secure blockchain network with a robust ecosystem capable of handling every movement within the diamond industry ecosystem
What are the benefits of using the Diamante Blockchain Consortium?
- The records stored in the hyper ledger are permanent which ensures that everything remains intact within the framework of the Diamante Blockchain Consortium. There would be no instances of lost data sets or records of transactions between the participants within the diamond trade.
- Assurance of protection and privacy against possible frauds
- The extremely secure portal which offers all-round protection against all kinds of inroads into the diamond ecosystem
In terms of governance and compliance, the Diamante Blockchain is Kimberley Process Certified. It prevents the trading of conflict diamonds within the diamante ecosystem. It is also in strict compliance with the anti-money laundering laws.