Comexes opting for blockchain technology

After banking and financial sector companies, commodity exchanges are looking at using blockchain technology, which became known after the popularity of digital currency Bitcoin.

Singapore Diamond Investment Exchange (SDiX), the first bourse in physically settled diamonds, announced on Thursday that it had partnered with Kynetix, physical commodity digitisation expert, and Everledger, supplier of blockchain and distributed ledger infrastructure. This is to complete the first part of a Proof-Of-Concept of a blockchain-based authentication and secure a record-keeping service for trading diamonds on a global commodity exchange.

Blockchain is a peer-to-peer public ledger maintained by a distributed network of computers. Each block or transaction