Video: Diamond Standard On Fox Business

July 7, 2019 | 2 Comments

Cormac Kinney, Diamond Standard’s founder and CEO, recently appeared on Fox Business’ ‘Countdown to the Closing Bell’ as he detailed how his company created a blockchain-based token backed by real diamonds, called Bitcarbon Technologies.

A spokesperson previously said, “Diamond Standard Co. is founding member of the Diamond Standard Exchange, now applying to be regulated by the Bermuda Monetary Authority. The company will bid on every permutation of natural diamonds across the range of gemological grades and purchase a statistically valid sample.

“The bids are transparent and adjust to fill all commodity orders. The purchased diamonds are then parceled out by an optimization system, so that each set contains an identical geological scarcity. The sets are designed to be fungible and consistent over time, with no human subjectivity in the process.”

“The fungible sets of diamonds are sealed in transparent resin—a Diamond Standard Coin or Diamond Standard Bar—containing a military grade wireless encryption chip. The commodity is always delivered to the buyer or their custodian and can be easily verified. The diamonds also can be removed and used, just not as a commodity.

“The integrated chip stores a Bitcarbon, a blockchain token which can be instantly authenticated and remotely audited. “Every aspect of the Diamond Standard commodity is public and can be verified by anyone—in person or on the blockchain.”

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Comments (2)

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  1. Question says:

    Oh yeah. Burt will fall for this one. Easy.

  2. Toadinthehole says:

    I wish i could get my head around this lol!

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