In accordance with the president of Botswana, blockchain is without doubt one of the progressive options that the worldwide diamond business can use to make sure “blood diamonds” are excluded from formal markets. Utilizing blockchain not solely assures customers but in addition allows them “to make knowledgeable selections and encourages accountable practices all through the provision chain.”
Minimizing Affect on the Setting
Botswana president Mokgweetsi Masisi lately touted blockchain expertise as an progressive answer which will help the worldwide diamond business eradicate so-called blood diamonds. Masisi argued that by utilizing this expertise, the worldwide diamond business is ready to show to stakeholders that diamonds in formal markets are sustainably sourced.
In his speech at a lately held assembly of diamond business stakeholders, Masisi argued that the worldwide diamond business’s goal of reaching sustainable diamond mining requires funding in analysis and innovation. He advised that when such investments are made, they not solely “reduce the affect on the atmosphere” but in addition assist to take away blood diamonds from official markets.
Remarking on blockchain’s doubtless affect on the worldwide diamond business, Masisi stated:
“Transparency and traceability are very important parts within the assurances that we as diamond-producing international locations should present to our international clients. Blockchain expertise, with its immutable ledger, can present customers with the assure that their diamonds have been ethically sourced. It empowers customers to make knowledgeable selections and encourages accountable practices all through the provision chain.”
Constructing a Affluent Diamond Business
In accordance with a United Nations definition, blood diamonds aka battle diamonds, consult with any diamond which is extracted in areas managed by forces against reputable, internationally acknowledged authorities. Revenues from such diamonds have previously been utilized by some African warlords to fund their actions.
To curb the position of those diamonds in fueling conflicts in Africa, main international diamond-producing international locations together with Botswana agreed to a system of certifying the gem stones. Nevertheless, greater than a decade after the so-called Kimberley Course of Certification Scheme got here into pressure, blood diamonds are nonetheless reportedly discovering their solution to international markets.
Nevertheless, based on Masisi, it is just by way of improvements corresponding to blockchain that diamond-producing international locations “can tackle these challenges and construct a extra sustainable, accountable, and affluent diamond business.”