Blockchain, although still a nascent technology, has made remarkable improvements in the area of online transactions across industries. Its significance can be felt strongly in the diamond industry where trust between trade participants is of utmost priority.
Diamante Blockchain Consortium – one of the first platforms to incorporate distributed ledger technology with an aim to soon create a unified market place for diamond industry participants – has taken another step towards revolutionizing the operations of its sector. It is set to launch Diamante Corporate Payment to make online transactions within the blockchain network secure and transparent.
Features of Diamante Corporate Payment:
The Diamante Corporate Payment built on blockchain is exactly what the diamond industry needs to boost market demand. Chirag Jetani, COO of Diamante Blockchain, explains, “While diamantaires are increasingly moving or expanding their business to online platforms, the trust consumers have on the reliability of online payment platforms has a lot of catching up to do. This is mainly because of the piling instances of cyber crimes that result in misappropriation of funds and identity theft.”
Diamante Corporate Payment settles transactions using its high performing native digital asset, DIAM.
The automation of Diamante Corporate Payment has several benefits, such as:
- Online Purchase Order and Invoice creation and exchange
- Sharing of Trade and Shipping documents securely through encryption
- It digitizes the end-to-end trade process and unites all involved parties on a single network to drastically cut down processing time
- Manage working capital efficiently through live tracking of an account balance
- Real-time reconciliation and information sharing with other parties on the network
- Automate critical business processes through smart contracts
- Protect your data through encryption and blockchain immutability
Benefits of Blockchain to online transactions:
Blockchain is being increasingly adopted across industries for its traits of lending transparency and security to records of transactions for auditing in the future. The following the other three advantages that blockchain brings in:
1. Economizing Time –
It facilitates direct interaction between trade participants and replaces the need to rely on intermediaries. Incorporating the services of third parties such as lawyers, red tape, logistics agents, and banks prolong the processing time and bring down productivity. Payments made using products such as Diamante Corporate Payment and cryptocurrency are made in a fraction of the time taken by the traditional process of settling payments.
2. Reduces Costs by Eliminating Third Parties –
External agents that are relied upon to authenticate transactions elongate the process while charging high fees for their service. This makes the overall process unnecessarily expensive. This Blockchain-based Corporate remittance product automates business processes with smart contracts replace. As a result not only are costs cut, but the scope of errors incumbent to manual processing of vast volumes of data is eliminated. Additionally, cost-reduction could increase the profits of the industry by a wide margin.
3. Increases accountability –
Transactions in the diamond industry involve trade in extremely precious commodities that are prone to moving in and out of the supply chain by illegal means. The lack of transparency and traceability in the existing system is responsible for this conundrum. The immutable shared ledger of blockchain records and traces the movement of the diamonds in real-time throughout the supply chain, thus validating its authenticity. The cryptocurrencies used to make these transactions possess a unique digital identity that makes it possible to track their whereabouts within the blockchain network traceable, preventing fraud.
About Diamante Blockchain:
Diamante Blockchain LLC, the USA-based diamond consortium is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.
The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.
Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.