De Beers Group has launched a blockchain -supported diamond sourcing platform.
The program is called Tracr and aims to give consumers and traders better confidence about the origins of diamonds, and will also be used to identify potential inefficiencies in the value chain.
The term ‘blockchain’ is used to describe a distributed database that is shared between nodes in a computer network. Blockchain has become popular in recent years for its important role in cryptocurrency systems.
The technology stores data in blocks that are then connected via cryptography. A decentralized blockchain cannot be changed, meaning that the data entered cannot be undone. For programs such as Tracr, this means transactions are recorded permanently and can be viewed.
Each participant in Tracr has their own version of the distributed platform, which allows data to be shared only with permission.
The nature of each transaction on the platform ensures that the data cannot be tampered with as the diamond passes through the supply chain. The decentralized platform ensures speed and scalability, with De Beers claiming the program has the ability to register one million diamonds per week.
De Beers Group CEO Bruce Cleaver said the program is just the beginning of a technology review for the industry.
“De Beers finds diamonds with our partners in Botswana, Canada, Namibia and South Africa and, with a long -term investment in Tracr, we are proud to join our audience to provide a guarantee of an irreplaceable supply of diamonds at scale.
“Tracr, which will enable providers of sourced information from source to provider to store in a secure blockchain, will support trust in natural diamonds and is the first step in a technological transformation that will raise standards and raise expectations about what we can do. our last. “
In 2020, De Beers worked with five diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – and successfully tracked 100 diamonds as part of the Tracr trial. A digital footprint is created to record the journey of each diamond as it moves from the mine to the cutter to the polisher and finally to the jeweler.
The research and development phase of the program began in 2018 and De Beers has registered a quarter of production (by value) at Tracr in the first three quarters of the year in preparation for this first scale release.
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