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Blockchain is the jewelry industry’s new best friend

Blockchain technology has emerged as a game-changer for a wide variety of industries, even as the technology’s most famous representative, Bitcoin, struggled through 2018. Applications of the technology range from smart contracts mapping products to complicated supply chains. In a January 2018 brief, Transparency International introduced several different and innovative initiatives underway, from regions all over the globe:

  • Land governance applications in Brazil, Sweden and Georgia.

  • Voting applications across the world.

  • Various supply chain management initiatives.

  • Distribution of humanitarian aid in Jordan.

One application mentioned in the brief is Everledger, a blockchain platform used for a variety of projects, including being used as a global registry of diamonds. The aim of the registry is to give every stone a unique ID to prevent counterfeiting and curb the trade in conflict minerals. "Blockchain is immutable; it cannot be changed, so records are permanently stored," says Leanne Kemp, founder of Everledger. "Information on the blockchain is cryptographically proven by a federated consensus, instead of being written by just one person."

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