Diamante Blockchain recently introduced a B2B payment tool enabled by decentralized technology to address sluggish growth in the global diamond industry.
According to PYMNTS.com, Diamante Blockchain — a blockchain consortium that aims to seek solutions to friction in the diamond industry — issued a press release on November 12th announcing its newest B2B payment tool.
The blockchain-enabled tool, called Diamante Corporate Payments, will allow users to carry out cross-border transactions in real-time at lower costs. The system also ensures security for transactions while preventing fraud.
“Many in the industry, small and big players alike, have been blaming the traditional payment structure for slow growth and post-recession financial slump in the sector and have been voicing for a reformation,” Diamante said in the press release.
“Thankfully Blockchain couldn’t have come at a better time,” it added. “The Distributed Ledger Technology has all the values that the diamond industry has been seeking to speed up, or rather renovate, their payment structure.”
Previously, Diamante Blockchain COO Chirag Jetani had revealed that the Diamante Corporate Payments promotes more traceability in the industry.
“The Corporate Payment utilizes Diamante’s decentralized network to allow trade participants based in different geographies to interact and settle payments instantly and at a reduced cost,” Jetani said. “Traceability in online transactions offers peace of mind to all those involved in the diamond trade.”
Samuel E. Proctor, the company’s Chief Regulatory Officer, has voiced his support for financial technology.
“FinTech is going to make the diamond industry better by making the business move faster, move cheaper, and make things more transparent, which is a win for everybody involved,” Proctor said.
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