TechFinancials Funds Blockchain-Based Diamond Exchange CEDEX

Technology provider TechFinancials has committed $400,000 in an unsecured loan to Saar Levi and a new group of companies called CEDEX.com. The venture is developing a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based online diamond exchange in an attempt to make the traditional diamond industry into a tradeable asset class.

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The loan will be used for to develop technology for the exchange platform. The provider of the loan will also share some know-how with the developer of the new solution.

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The loan is interest-free and grants TechFinancials an option to acquire a 90 percent stake in a newly formed holding company called CEDEX HoldCo. The exercise of the option is at the discretion of TechFinancials. It is valid for three years from the date of the grant.

Aside from sharing some knowledge and expertise, TechFinancials may also provide technical development services to CEDEX. The agreement is based on a fee-for-service basis.

TechFinancials is taking the step in line with its strategic goals to broaden its portfolio of financial services technology solutions.

Diamond controversy

The online exchange business of physical diamonds has long been a source of controversy. With little to no effective means to monitor the completion of a transaction in existence, numerous fictitious diamonds sellers have built a bad name for online diamond purchasers.

The problem became particularly significant in the aftermath of the Great Financial Crisis when asset liquidation became a popular theme. Online fraudsters were quick to grasp the opportunity, masquerading as diamond dealers going out of business and selling their stock at big discounts.

Blockchain to the rescue

TechFinancials is entering the field with an investment into a new instrument that is eliminating the worries associated with online fraud. By using smart contracts, the Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of a diamond deal can only be completed upon receipt of the product, an approach that can be realised thanks to blockchain technology.

The website CEDEX.com is presently displaying a countdown clock. Few details are available for the public regarding the approach which the company will take to tackle consumer worries and deploy a wholly new product to the online diamond market.