How Blockchain Technology can eliminate the Blood Diamonds from the System

A Research Paper 1
A research on How Blockchain Technology can eliminate the Blood Diamonds from the System.
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A Research Paper 2
A research on How Blockchain Technology can eliminate the Blood Diamonds from the
System.
Introduction
Diamonds are epitomes of beauty, true love, and luxury but some of them have a dark
side. The darker side behind the sparkle of diamond got unleashed in the year 1990 when the
security council of UN revealed that diamond was being used to fund conflicts in Angola and
Sierra Leon. Unscrupulous organizations mine blood diamonds and fraudsters flood the market
with a convincing fake. Diamond industries have suffered from the problems like diamond
fueled conflicts, fraud, theft and more.
The link between the diamond trade and conflicts was brought to light in the year 2000
by the UN which led to the initiation of the Kimberly Process Certification Scheme KPCS.
However, critics say that the Kimberly process is failing; by tolerating the non-compliant states,
the blood diamond is not stopped but is just endorsed (Grant, 2012, pp. 119-132). Moreover,
Campbell (2012) post that it is in Surat, India where the blood diamonds go to forget their past.
The author further states that when a rough diamond is imported to India, it is required to come
along with the Kimberly Process Certification stating the country of origin, but the certificate is
of dubious reliability since they are easy to fake.
However, should the process be abandoned? The process can be challenged to ensure a
diamond trade that is authentic and conflict-free. Can blockchain be the solution then? The
Blockchain refers to a distributed computed technology that embraces Bitcoin as well as other
cryptocurrencies. This leads to the research question: how can the blockchain technology
eliminate the blood diamonds from the system?