Shared ledger fights against fake diamonds in China

by in Blockchain News

fight against fake diamonds

The diamond purchasers in China will be informed about their origin.

DLT stock chain is cooperating with regional Chinese diamond vendors to make sure customers won’t be deceived.

Everledger, worldwide digital storage for diamonds will work with a shared ledger that can verify the originality of separate stones. As a result of the situation created because of the global pandemic a lot of customers had to purchase the valuable stones online. It goes without saying how hard it is to recognize the original diamonds online. 68% of the gems sold virtually happened in China.

Trending: Hindenburg Research gives $1M award for USDT collateral information

Everledger uses trustworthy information provided by the Gemological Institute of America, then JD chain, an anti-copying, and detecting blockchain lets users get all the useful and detailed information regarding the stones they are going to buy. They will know where the diamonds are coming from, how much the carat weights, who were the former possessors, and much more. This procedure is aimed to find fraud cases more successfully.

Notice that it’s not the first time that large companies in the diamonds industry collaborate with platforms based on blockchain technology.