Now, diamond trading on blockchain
For the first time in history, blockchain technology would be used in the trading of diamonds. On April 15, at Burj Al Arab, the Al Kasir group announced the launch with three Diamond-backed Blockchain-Assets. These Blockchain assets are based on Blockchain technology and are stored in digital wallets that are secured via one-time password (OTP) verification on registered mobile number and email verification.
Al Kasir Group is a joint venture between Dr Amit Lakhanpal and the Private office of Sheikh Ahmad Bin Obaid Al Maktoum. Dr Lakhanpal is the founder and CEO of the Money Trade Coin Group and the author of "The World of Crypto Currency". He is also the Chief Managing Director of real estate development agency Flintstone Group and the founder of FlintBeats, an event agency founded in 2015.
"For the first time ever, the world is about to experience a set of three Blockchain-assets backed by IGI certified real diamonds. Being backed by a real-world asset, these three Blockchain-assets are better capable to store and translate value due to a base measure or gauge around which their value revolves," said Dr Lakhanpal. He further said, "Diamonds are an ideal asset backing for Blockchain-assets since they are rare, taking a billion years to develop, have several millennia of history as a recognized store of value, are small and therefore easily stored and transported. The three Blockchain-assets are designed to seamlessly address the need of security, combining the convenience of digital currencies by being utilized as Blockchain-assets with the stability of traditional assets."
The Company is offering storage facility for Blockchain-Assets on Blockchain for a period of 25 years with plans to extend the services further.
Another unique aspect of these Blockchain-Assets is that apart from being risk-averse due to their asset-backing, these are the first Blockchain-Assets to be witnessed by the world that are completely Shariah Compliant.
This is also the first time that Blockchain-assets will be available for purchase across the counter as the company aims to open 1000 stores across the world for this in all major markets including South-East Asia, Europe, UK and Gulf Countries (except Qatar).
The company announced the Pre-IBAO commencement during which these Blockchain-assets can be purchased on the company's online shopping portal with additional Blockchain-Assets in store for buyers. Dr Lakhanpal said, "The Blockchain-assets being offered along with the Diamonds can subsequently be used to physically procure a range of products like certified real Diamonds, Precious Stones, Perfumes, Oud, Bakhoor and Attar from the company's online shopping portal."
Value of asset will fluctuate based on the Demand and Supply on Company's Exchange which will be open to the general public as well. This is a secured Investment as it is limited in stock and limited to the number of Diamonds available.
"Moreover, the Blockchain-Assets are freely transferable from one holder to another over the Blockchain Platform and buyers can take advantage of this option for gifting or simply transferring redemption value to others," asserted Dr Lakhanpal.
Public trading will commence tentatively between August 21 and August 24, the company said in a statement.