Hello, in this lesson we are going to talk about high block chain can help blood diamonds obviously not how to increase the amount of blood diamonds, but reduce it and revealed that true nature. So, what they can be do, what they can do using blockchain is using a ledger system they can ensure true origin, the where it actually came from, and this come in terms of the country and obviously, not just country, the actual location, company that minded company that mined it when this occurred when this occurred where it has been in what are the products in what other products it has been in production. It has been in both I want to mention, though, this is a video on blood diamonds, this sort of principle will apply to any sort of asset really, but it's very prevalent in the blood diamond industry had not knowing where it came from.

If the employees that were mining it if that fear essentially was against human rights, how they were treated, all that stuff and a lot of stuff like that that does go on the great movie called well, literally, Blood Diamond and stars Leonardo DiCaprio in that recommend checking that out awesome movie. So yeah, check that out. So you can check where it came from which parties had it previously, who mined it and all of this obviously provides trust, which is one of the biggest reasons for it. Also, it can save money. So it can save money and it can save money by reducing it will reduce fraudulent claims. fraudulent claims, if you know who exactly owns it, where it's been all that stuff, they can reduce the number of claims are saying, Oh, yeah, this diamond is mine audit lost even though it actually isn't lost or maybe it was sold and it's like okay, This person saw that he hasn't actually lost you or he has not been stolen.

This will say billions a year. You're probably one day watch this video. And this whole concept of billions may be defunct in a way, because obviously billions a year in referring to the fear currency system like such as dollars, for example, he can help eliminate, eliminate mo T for insurance scams. So what some people do is like within the site, same timeframe, they'll register with different companies, different insurance companies, that a diamond has been stolen their diamond, and they will get money from all of the different companies that they're claiming wave but with a blockchain system as soon as one company or Things Yeah, as soon as my entity has a paid app for it, for example, then the other entity will immediately been focused. Your there'll be an intermediary, aka a ledger, the other companies will check that ledger. If it hasn't occurred, then they will fulfill their request.

And even then, on top of that be good if we were put into a system where it would have a bit of a delay, just to ensure in case another company has had a claim and they have pre fruit just to give them ample time to get it processed. Obviously, assuming that transactions take as long as they do now fit essentially instant, then we won't have this issue. So we can do all this ensure true origin, while products has been in what other products is been in. And this is all because blockchain provides a tamper Proof audit trail, because it is not centralized not controlled and managed by any one single entity. It provides a global trail This doesn't matter which country it is bought in, bought in and which country it is in currently so and in which country it is in currently, so, there you go.

So that is a newer use of blockchain for helping Eliminate the blood diamond industry and this industry in general, there are risks with blood money and just blood assets. So if you have any questions, as usual, feel free to reach out and I look forward to seeing you in my next awesome lesson.