'Blockchain' Technology Proposed to Further Strengthen Chain of Custody

Finance and Trade
22/08/2016 09:06

The UAE is considering the introduction of so-called blockchain technology to the global diamond trade in a bid to help prevent conflict diamonds getting on to the market, according to a report in the UAE's The National. Blockchain is an Internet-based book-keeping system that provides a permanent record of financial transactions. Applying it to the diamond business could establish a tamper-proof record of the provenance of diamonds.

KP Chair Ahmed bin Sulayem announced the blockchain initiative as part of his midterm message assessing the KP’s progress. An update on the proposal will be delivered to the annual plenary meeting of the KP in Dubai in November. The KP Chair made the announcement as he published a midterm report on the steps he has taken since becoming Chair of the KP on January 1.