De Beers, one of the world’s leading diamond producing companies, recently announced the large-scale deployment of its blockchain-based diamond sources platform. The platform “will provide source provenance information to the sightholder for storage on a secure blockchain.”
Immutable record of a diamond’s provenance
One of the world’s largest diamond miners, De Beers, recently said it has widely deployed a blockchain-based diamond source platform. The platform, known as Tracr, gives so-called sightholders the ability “to provide an immutable record of a diamond’s provenance, and [empowers] jewelry retailers to have confidence in the origin of the diamonds they buy.
The full-scale platform launch comes nearly four years after De Beers launched the R&D phase, according to a statement released by the company. The launch also comes in a year where the company has already “logged in a quarter of its production value on TracrTM in the first three views of the year in preparation for this first full-scale release.”
In a statement, De Beers Group CEO Bruce Cleaver explained how blockchain was building trust in an industry accused of not doing enough to stem the flow of illicit diamonds.
“TracrTM, which will provide source-to-sightholder provenance information for storage on a secure blockchain, will build trust in natural diamonds and represents the first step in a technology transformation that will improve standards and raise expectations for what we are capable of. deliver to our end customers,” said Cleaver.
Build stakeholder trust
For his part, Botswana’s Minister of Minerals and Energy, Lefoko Moagi, said the introduction of the blockchain-based system is something that appeals to both his country, which owns 15% of the of the diamond-producing company, and at De Beers. other shareholders. Moagi also reiterated the importance of building stakeholder confidence in how De Beers sources diamonds.
Fearing that illegally acquired diamonds will be help fuel conflict, diamond-producing companies such as De Beers have come under increasing pressure to ensure that these diamonds do not end up in formal markets. Additionally, as more and more end customers insist on knowing the source of the jewelry they buy, De Beers said it meant it had to make “a drastic change in technology to meet their expectations.”
What are your thoughts on this story? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.