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You are correct. Humans will be the weakest link in this security link, specially at the origin. Bitcoin etc solve this by using PoW. But here there can be issu
by thisisit 9y ago
You are correct. Humans will be the weakest link in this security link, specially at the origin. Bitcoin etc solve this by using PoW. But here there can be issue if there is a malicious first entry
That said, a case might be made for a traceable and immutable book which shows the movement of each diamond. But that might run into privacy issues. This can be solved by using a private blockchain but then again it goes back to trusting someone who has the blockchain with them.
- tomwalker 9y agoCompletely agree. It seems to be the application of the current "trendy tech" to industry.
- simias 9y agoI agree with you but I want to point out that "a traceable and immutable book" is perfectly achievable without blockchain. Just have De Beers (or the authority of your choice) publish their signed "immutable" ledger publicly at regular intervals. Anybody can mirror it (like the "nodes" of bitcoin mirror the blockchain). If the authority decides to cheat and rewrite history (for instance to change the origin of a diamond) any of the 3rd party mirrors can detect the conflict and blow the whistle.
- unboxed_type 9y agoInteresting point, thanks for sharing. But, anyway: What incentives do those mirroring nodes have to store regular data blobs and process requests from clients? Who will decide the privilege to be such a 'mirroring node'. The origin can run several such 'mirroring nodes' and rewrite history on all (some of) them: how would you know who is giving you the truth in case of conflicting information? I bet if you solve those questions, you will be simulating a blockchain system. Do you agree?