- October 23, 2018
- Posted by: Mor Hazen
- Category: carats blog posts
Eli Avidar, President of the start-up, one of the headline speakers in a discussion about the potential of blockchain technology at the CIBJO Congress on Tuesday
For three days this week, the city of Bogota hosted the most important event in the diamond industry, the three-day CIBJO Congress
conference. Hundreds of the most influential jewellers, dealers and entrepreneurs from across the diamond world convened in the Colombian capital to discuss the future directions of the world’s most exclusive commodity. The Carats.io President, Eli Avidar, was invited to speak to the conference about the incredible potential of and variety of applications for blockchain technology
At the session, Avidar spoke of the need to recognize the full spectrum of possibilities for integrating blockchain solutions in the diamond industry. While most of the discussion focuses on the technology’s use for security and transparency, Avidar explained that this was merely scratching the surface of the utility of this disruptive technology. “When looking at the blockchain today I am reminded of the early days of the internet,” he said, “where everyone was trying to take advantage of the new technology to make money, but no one really knew how to do so. The same is true with the blockchain. We need to learn how to create a viable synthesis between the world of diamonds and jewellery and blockchain technology”.
He then proceeded to describe the use of a decentralized network based on a blockchain platform, and how it could lead to increased efficiency and automation of the diamond trade. The blockchain network allows all participants to sell and transfer ownership of diamonds and jewellery instantaneously and directly without any middlemen. It is this decentralization and automation of transactions, he explained to the audience, that could pave the way for the first full financial market for diamonds – something that has been sorely missing.
“The use of blockchain security features to develop additional industry standards may be useful, yet,” Avidar warned, “there is a need to use the technology in a way that leads to increased revenue and growth, and not solely as another expenditure”.
To find out more about how the blockchain can revamp the diamond industry, join the Carats.io Telegram group.