Kimberley Process announces blockchain-based proposal to prevent global trade of conflict diamonds

FinTech | August 29, 2016 By:

Kimberley Process (KP) has announced the blockchain initiative to prevent global trade of ‘conflict diamonds’.

“We have introduced the possibility of using blockchain technology to create a seamless and continued global process for the KP certification scheme,” said KP chairman Ahmed bin Sulayem.

Sulayem has already had meetings with Dubai’s Blockchain Council and is working on a pilot project that would use the technology to monitor KP statistics.

The highlights of the midterm report include key steps taken by Sulayem as the chairman of the company. Sulayem has previously held meetings in big diamond trading centres such as Antwerp and London. He also organized a special forum on the matter in Dubai.

Kimberley Process is an organisation that was set up to prevent “blood diamonds” reaching the multibillion-dollar market.