Singapore Exchange trials Diamond Blockchain Verification

Singapore Diamond Investment Exchange ( SDIX) is working with Kynetix a company that develops Blockchain powered commodity marketplaces, and Everledger which uses the technology to track the trade of diamonds.  In the press release issued by SDIX, Linus Koh CEO states, “this new concept draws on Blockchain’s distributed ledger capability to demonstrate how we can further instill confidence and convenience for the benefit of diamond investors and fnanciers.”

The product is designed to enable holders of diamonds with certificates from a verification laboratory to authenticate the ownership and authenticity of the diamonds using a distributed ledger. Changes of diamond ownership on SDiX will be updated on the ledger, creating a digital record for market participants.