The blockchain industry seems intent upon incorporating every walk of life into its day to day operations.
The latest of these real world aspects that recently met blockchain happens to be Larimar, the gemstone which is exclusive to the Dominican Republic.
Larimar and stellar, the blockchain development no one saw coming
Considered as one of the rarest gems in the world due to how it can only be mined from one location, the Blue Stone of Atlantis is highly sought after by the miners (not to be confused with cryptocurrency miners) that work hard to extract it from mother nature.
However, much like any other entitled entities acting in a marginalized place in the world, the tourists that frequent the Dominican Republic often take advantage of Larimar’s relatively low value, and take a bunch of these stones with them while asking the miners that they will pay for them once they “return for another trip”, after the Larimar has been sold.
Those trips, as you might have deduced, sometimes do not really happen, and these miners are stripped of compensation for the rest of their lives. Whereas, in scenarios where these trips do take place, it actually takes months for the miners to eventually get paid.
Seeing that they just could not keep giving away Larimar to these influencing entities and end up broke in the end to the point where they would not be able to mine the gemstone altogether, the miners started looking for a solution that would help them secure their small fortune.
That is where Stellar with its blockchain solution came to the aid of Larimar.
The Atlantis blue project brings stellar and Larimar together
Seeing that preventative measures needed to be taken in order to save Larimar from bad actors, The Atlantis Blue Project, a consortium of three parties that offer Larimar to the world, turned to the Stellar Network in order to make the gemstone go digital.
By this initiative, most of Larimar reserves will be recorded on the blockchain to ensure transparency, and will be exclusively traded for the Atlantis Blue Digital Tokens which will be available for purchase through the network.
By bringing blockchain to the mix, both the Atlantis Blue Project and the Stellar Network aim to ensure that Larimar are only traded upon fair compensation, where the initial price for it has been set as 1 Atlantis Blue token for 1 gram of Larimar.
The partners in the project plan for the operations to go into effect very soon, and hope that it will inspire other similar initiatives to help marginalized markets benefit from the blockchain technology.