Polished Prices’ web-app demonstrates the use of private blockchain to provide audit-level integrity to a commodity market index.
Polished Prices provides up-to-date prices based on actual transactions in the wholesale polished diamond market. Prices are multiple-sourced and supplied electronically by diamond companies in the different diamond centres. This project was delivered in partnership with web development agency ArtOneZero.
Polished Prices operate a diamond commodity market index. Recent changes to the regulatory environment in commodity markets means Polished Prices requires additional safeguards against market manipulation.
Their current dataset integrity uses traditional relational database functionality. A limitiation of this system is that auditing must be done in-house.
Polished Prices wanted to explore the use of a blockchain to distribute the source data for their index to allow any third party to quickly confirm the integrity of the data.
- Regulatory alignment for their commodity index
- Re-purposed exiting code-base that maintains concurrency
- Public and private integrity and auditing of source data for index
- Multi-peered system demonstration
- Data pulled from existing commodity index and mines into the blockchain
- Byte- and block-level data views
- Automatic data recovery from the network when manual corruption or deletion found
- Backends also leverage Structured storage for speed
- Written from the ground-up in Object Oriented PHP 7.2
- Built around a core of RESTful APIs
The client was very happy with the demonstration software and is waiting for approval from the Competition and Markets Authority to move ahead.