Blockchain Technology Can Guarantee to Consumers ‘That Their Diamonds Have Been Ethically Sourced’ — Botswana President

According to the president of Botswana, blockchain is 1 of the innovative solutions that the planetary diamond manufacture tin usage to guarantee “blood diamonds” are excluded from ceremonial markets. Using blockchain not lone assures consumers but besides enables them “to marque informed choices and encourages liable practices passim the proviso chain.”

Minimizing Impact connected the Environment

Botswana president Mokgweetsi Masisi precocious touted blockchain exertion arsenic an innovative solution which tin assistance the planetary diamond manufacture eradicate alleged humor diamonds. Masisi argued that by utilizing this technology, the planetary diamond manufacture is capable to beryllium to stakeholders that diamonds successful ceremonial markets are sustainably sourced.

In his speech astatine a precocious held gathering of diamond manufacture stakeholders, Masisi argued that the planetary diamond industry’s nonsubjective of achieving sustainable diamond mining requires concern successful probe and innovation. He suggested that erstwhile specified investments are made, they not lone “minimize the interaction connected the environment” but besides assistance to region humor diamonds from authoritative markets.

Remarking connected blockchain’s apt interaction connected the planetary diamond industry, Masisi said:

“Transparency and traceability are captious components successful the assurances that we arsenic diamond-producing countries indispensable supply to our planetary customers. Blockchain technology, with its immutable ledger, tin supply consumers with the warrant that their diamonds person been ethically sourced. It empowers consumers to marque informed choices and encourages liable practices passim the proviso chain.”

Building a Prosperous Diamond Industry

According to a United Nations definition, blood diamonds aka struggle diamonds, notation to immoderate diamond which is extracted successful areas controlled by forces opposed to legitimate, internationally recognized government. Revenues from specified diamonds person successful the past been utilized by immoderate African warlords to money their activities.

To curb the relation of these diamonds successful fueling conflicts successful Africa, large planetary diamond-producing countries including Botswana agreed to a strategy of certifying the gemstones. However, much than a decennary aft the alleged Kimberley Process Certification Scheme came into force, humor diamonds are inactive reportedly uncovering their mode to planetary markets.

However, according to Masisi, it is lone done innovations specified arsenic blockchain that diamond-producing countries “can code these challenges and physique a much sustainable, responsible, and prosperous diamond industry.”

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