From the course: Digital Technologies Case Studies: AI, IOT, Robotics, Blockchain

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Case study: Tracking diamonds all the way to the source (De Beers)

Case study: Tracking diamonds all the way to the source (De Beers)

From the course: Digital Technologies Case Studies: AI, IOT, Robotics, Blockchain

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Case study: Tracking diamonds all the way to the source (De Beers)

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- Leaving aside Bitcoins, the diamond industry has become an early and enthusiastic adopter of the blockchain technology. Let's see why. The industry has been plagued by two problems. One, blood or conflict diamonds mined in war zones and sold to finance warlords and their armies. Two, synthetic diamonds passed on as natural ones. Consumers are increasingly unwilling to buy such diamonds. As a result, companies which can prove that their diamonds are free from these problems can enjoy a competitive advantage. In 2003, the United Nations General Assembly established the Kimberley Process Certification Scheme, KPCS, to increase transparency by tracking the movement of diamonds and keep conflict diamonds out of the market. The KPCS mechanism required participants to monitor shipments of rough diamonds and certify them as conflict-free. Unfortunately, the KPCS mechanism proved to be a failure. It relied on self-regulation and…

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