{"id":1201,"date":"2017-06-15T08:45:28","date_gmt":"2017-06-15T07:45:28","guid":{"rendered":"https:\/\/kynetix.com\/?post_type=post&amp;p=1201"},"modified":"2017-06-15T08:45:28","modified_gmt":"2017-06-15T07:45:28","slug":"blockchain-for-diamond-trading","status":"publish","type":"post","link":"https:\/\/kynetix.com\/commodities\/blockchain-for-diamond-trading\/","title":{"rendered":"SDiX, Kynetix and Everledger trial first-ever blockchain for diamond trading"},"content":{"rendered":"<p><a href=\"https:\/\/www.sdix.sg\/\" target=\"_blank\" rel=\"noopener noreferrer\">Singapore Diamond Investment Exchange (SDiX)<\/a>, the world\u2019s first commodity exchange in physically settled diamonds, today announced that it has successfully partnered with Kynetix, the physical commodity digitisation expert, and Everledger, supplier of blockchain and distributed ledger infrastructure, to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure record-keeping service for trading diamonds on a global commodity exchange.<\/p>\n<p>The technology is designed to enable holders of diamonds with certificates from a major third party verification laboratory to authenticate the ownership and authenticity of the diamonds using Everledger\u2019s distributed ledger technology queried securely through Kynetix\u2019s Sentinel market infrastructure platform. Changes of diamond ownership resulting from trading on SDiX can be automatically updated via the facility, creating a permanent digital record to ensure optimal functionality for market participants.<\/p>\n<p>The solution accurately authenticated the key details of a consigned diamond basket on SDiX consisting of GIA-certified stones using unique data points hosted securely online; a key part of the output is a \u201cview receipt\u201d of the digital certificate for each stone in the basket, housed on the blockchain. The system opens up the potential for a range of future applications for diamond market participants, including enhanced provenance data, increased supply chain security and efficiencies, and new risk management tools.<\/p>\n<p><strong>Linus Koh<\/strong>, <strong>CEO of the Singapore Diamond Investment Exchange<\/strong>, said:<\/p>\n<blockquote><p>\u201cThis exciting collaboration builds on SDiX\u2019s record of delivering advanced technologies to enable a trusted, fair and transparent marketplace for trading diamonds as an investable asset class. This new concept draws on blockchain\u2019s distributed ledger capability to demonstrate how we can further instil confidence and convenience for the benefit of diamond investors and financiers.\u201d<\/p><\/blockquote>\n<p><strong>Kynetix Head of Business Development Guillaume Kendall<\/strong> said:<\/p>\n<blockquote><p>\u201cIn line with our mission to build total trust in physical commodities, we believe this innovative integration of our Sentinel platform with blockchain is yet another step towards reducing the risks associated with trading and financing commodities globally.\u201d<\/p><\/blockquote>\n<p><strong>Everledger founder and CEO Leanne Kemp<\/strong> said:<\/p>\n<blockquote><p>\u201cIt was a pure technical delight to integrate with Kynetix, a powerful combination of technology and purpose entwined. We are pleased to provide the market-leading blockchain infrastructure that is key to SDiX\u2019s verification and data archiving services and look forward to working industriously with the market on creating purposeful tooling to enable safe and fast trading in physical diamonds.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Singapore Diamond Investment Exchange (SDiX), the world\u2019s first commodity exchange in physically settled diamonds, today announced that it has successfully partnered with Kynetix, the physical commodity digitisation expert, and Everledger, supplier of blockchain and distributed ledger infrastructure, to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure record-keeping service for trading [&#8230;]<\/p>\n","protected":false},"author":2,"featured_media":756,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[40,31,41],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - 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