Antwerp Jeweler Beldiamond teamed up with digital transparency company Everledger to offer diamonds backed by blockchain. Thanks to this technology, the journey of a diamond can be entirely traced and recorded, creating its own unique digital identity. According to Beldiamond, blockchain technology paves the way for diamond sourcing to become even more transparent and responsible.
Throughout its complex journey from mine to retailer, a diamond changes hands multiple times and a lot of information has to be processed. Thanks to blockchain technology, all the paperwork gets recorded and checked. A new record is created every time the diamond changes hands, is manufactured, or crosses a border. This makes the supply chain more transparent than ever before. Anyone who has custody of the diamond has access to all detailed information and supporting documentation.
According to both companies, blockchain technology captures the unique identity of a diamond in two ways: giving the diamond its own digital identity and giving the owner digital ownership. The digital identity or “digital twin” of the stone includes all details of the diamond, safeguarded and supported by Everledger’s blockchain technology and easily accessible to the owner. The digital ownership makes it possible to transfer ownership of the diamond, again completed recorded in the blockchain, transferring all data to the new owner.
Having a digital identity and proof of ownership makes the diamond’s digital twin a non-fungible token or NFT. The diamond becomes a one-of-a-kind, verifiable digital asset that can be easily shared and transferred through the blockchain.
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