In response to the president of Botswana, blockchain is likely one of the revolutionary 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 permits them “to make knowledgeable decisions and encourages accountable practices all through the availability chain.”
Minimizing Affect on the Atmosphere
Botswana president Mokgweetsi Masisi just lately touted blockchain expertise as an revolutionary answer which may also 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 just lately held assembly of diamond business stakeholders, Masisi argued that the worldwide diamond business’s goal of attaining sustainable diamond mining requires funding in analysis and innovation. He urged that when such investments are made, they not solely “decrease the impression on the setting” but in addition assist to take away blood diamonds from official markets.
Remarking on blockchain’s seemingly impression on the worldwide diamond business, Masisi stated:
“Transparency and traceability are important parts within the assurances that we as diamond-producing nations should present to our world 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 decisions and encourages accountable practices all through the availability chain.”
Constructing a Affluent Diamond Business
In response to a United Nations definition, blood diamonds aka battle diamonds, discuss with any diamond which is extracted in areas managed by forces against respectable, internationally acknowledged authorities. Revenues from such diamonds have up to now been utilized by some African warlords to fund their actions.
To curb the position of those diamonds in fueling conflicts in Africa, main world diamond-producing nations together with Botswana agreed to a system of certifying the gems. Nonetheless, greater than a decade after the so-called Kimberley Course of Certification Scheme got here into pressure, blood diamonds are nonetheless reportedly discovering their strategy to world markets.
Nonetheless, in accordance with Masisi, it is just via improvements comparable to blockchain that diamond-producing nations “can handle these challenges and construct a extra sustainable, accountable, and affluent diamond business.”