Could Big Data be leveraged to Address Conflicts in the Diamond Industry?
Diamonds were earlier the most preferred stones, but gradually their demand has witnessed a significant drop. A possible reason for this could be the conflict in terms of the way diamonds are obtained. Earlier the stone vendors did not provide much information about diamond’s origin, which is a concern for the buyers looking for ethical purchasing. Buyers were not sure about purchasing ethical diamonds, which led to a decline in the diamond industry. Today, the industry has found a solution in the form of big data that offers consistent stone tracking, winning buyers’ trust while obtaining diamonds with no conflict history.
The approach towards big data has been potentially changed by blockchain empowering security and data quality. Blockchain today proves to be the best way to track diamond’s origin and remove conflict from the industry. At its core, blockchain is referred to as a “decentralized ledger” that can confirm transactions in any industry and is modestly exposed to any kind of cyber threat or manipulation due to its complexity. It makes the derivation of new diamonds unquestionable.
Big data is already in the limelight in the diamond industry, increasing sales efficiency through analytics and predicting market trends. Technologies like blockchain and big data are clear signs that the industry is open to data-driven innovation. The diamond industry is global, and it is employing communications technology to make blockchain tracking successful.
Blockchain technology consumes a tremendous amount of processing power, but it’s an emerging technology due to the ability to assure transactions of all types. Numerous diamond industry leaders have already adopted blockchain as an essential tool for diamond tracking, and they are now demonstrating the extraordinary potential of the technology to the fellow leaders. If diamonds make a comeback among the worried consumers, blockchain will undoubtedly offer the supporting infrastructure.