Diamond Standard has utilized the Hedera network services in the ending phase, with relation to its development of a regulator-reviewed and totally autonomous procedure for the procurement of real-time diamonds, right through to tokenization. Additionally, the added advantage of the process comes with complete clarity at every phase. The reason they honed in on the Hedera network is because of its sheer quickness, as well as the safety features and clarity that come with a packaged deal. Their aim is to democratize connectivity with diamonds in the form of being an asset class. With the usage of Hedera’s high-level distributed ledger technology, the entity will be able to provide investors with total clarity and liquidity.
It is a commonly known fact that most people who can afford to find diamonds to be the most fascinating, as compared to other highly-priced metals such as aluminum, gold, silver, and others. It has a certain degree of allure that is difficult to resist. Even in the form of an investment, it should be the most prominent player, but unfortunately, it is not, as the data tells us. At the present moment in time, it is only a meager 1% of a total world supply of $1.2 trillion that is utilized in the form of investment. The prime factor that is attributed to this is the fact that the overall diamond industry is less transparent, creating an obstacle for investors to correctly gauge its value in terms of diamond investments. Furthermore, there is the aspect of not being able to sell it in a hurry.
Considering all of these facts, Diamond Standard has utilized the Hedera network services in the ending phase, with relation to its development of a regulator-reviewed and totally autonomous procedure for the procurement of real-time diamonds, right through to tokenization. Diamond Standard sources its diamonds from a list of suppliers the world over. These are then transferred to the International Gemological Institute (IGI) for completing the process of certification after careful study.
Following that they are then collected in containers known as Diamond Standard Coins and Diamond Standard Bars. They come with a computer chip that stores Commodity Tokens, providing relevant information for tokenizing on a distributed ledger. For the tokenization on the Hedera network, the entity utilizes the Hedera Token Service (HTS). The HTS makes way for the building and controlling of the tokens on the Hedera network and is interoperable with various blockchain networks and protocols.
As a part of its future plans, Diamond Standard will soon be delivering its diamond investment option called Bitcarbon. It is basically a fungible token stemming from the entity’s physical Coins and Bars. Presently, they are involved with the Hedera ecosystem, along with wallet suppliers and digital exchanges, to ascertain the fastest, safest, and most convenient way of paving the path for access to Bitcarbon, which exists on the Hedera network.
