Smart contracts are smart in every sense of the word! First, they are able to recognize frauds and second, they are capable of maturing independently without the validation of any third party. With smart contracts, the first goodbye can be said to the third party remittance partners. We have nothing personal against remittance partners except for the fact that they have the habit of overcharging. While we speak about the diamond industry in particular; third party remittances have been a major pain area. They have complicated the entire transactional process with multiple paper works and local blockages which otherwise can slow down the entire trading network. The turnaround time of a diamond from a mine to the fingers of a newly engaged couple increases significantly with paper-based remittances which are like bottlenecks in a coherent ecosystem.
Smart contracts promise to be about a significant amount of coherence to the existing supply chain of diamonds. By large, the smart contracts would ensure 3 fundamental factors that would completely redefine the entire ecosystem of the diamond trade. They are:
Smart contracts will eventually become the backbone of the diamond trading network. Today, there is serious hope for the diamond industry with a platform that will minimize complications along with a smooth platform to facilitate quick trading!