Blockchain will help fight illegal diamond trade and dissemination of counterfeiting. International non-governmental organization Global Witness published a report stating that diamond mining grows in countries that are victims of warfare, for instance in Central African Republic. Moreover the deals are conducted through social networks with increasing frequency.
The report mentions Facebook and WhatsApp. The incomes are used for financing the war against the government. Many diamond mining countries are members of Kimberley Process under UN monitoring. This is a way to check the jewelry. Member countries shall issue a certificate for each stone. But the documents are easily forged and don’t guarantee any legality of the goods.
That’s why the diamond industry appeals to blockchain because a decentralized system does not allow any breach of records in a chain. Due to blockchain services distributors can easily detect a true origin of the stone just easily scanning the records. Data is safely stored in a network, it is not possible to change or forge it. This fact can also be used against money laundering and fraud.
Bank for international settlements (BIS) is calling all central banks to start accepting cryptocurrencies as soon as possible. BIS issued a statement stating the ignorance of the digital currencies issue can lead to negative consequences for the world financial system.
Cryptocurrencies refer to the issues of the confidentiality and efficiency of the payments so the central banks should act accordingly. In accordance to BIS members this mostly concerns Sweden facing every day decline in cash turnover.
Several IT-companies created browser IP-interface that will make easier goods and series purchases with cryptocurrencies. The consortium World Wide Web (W3C) which include Microsoft, Google, Facebook, Apple and Mozilla has started to work already in 1013 on a internet standard of payments in digital currencies.
The new API is implemented to Google Chrome, Microsoft’s Edge, WebKit от Apple, Firefox Mozilla, Samsung Internet Browser and Facebook browsers. After the activation the interface allows to save new payment types including cryptocurrencies available. After that the user selects in a menu payment types available.
This increase of the autofill function applied at registration of the order. W3C is calling for a broad use of API because the buyers more payment options and sellers are able to safely track online purchases. The interface will be implemented gradually and the consortium expects to launch it for the mass use already next year.