De Beers, the London-based diamond miner, has decided to embrace blockchain technology in order to curb the illegal exit of gemstones. The company is widely deploying its blockchain-based diamond source platform. The name of this platform is “Tracr” and De Beers presents it as the “only distributed diamond blockchain in the world”. The objective of this launch is to give an “inviolable” guarantee on the legal origin of the diamonds that the retailers buy.
Decentralized in nature, the blockchain platform is able to provide immutable information to the source of De Beers diamonds. The company expects this to make De Beers assurance of the source of the diamonds 100% authenticity.
“The Tracr platform combines distributed ledger technology with advanced data security and privacy, ensuring that participants control the use of and access to their own data,” the company said in a recent release.
“Each participant on Tracr has their own distributed version of the platform, meaning their data can only be shared with their permission, and they alone choose who can access their information.”
One of the key elements of blockchain is its ability to ensure transparency. Blockchain networks store information in such a way that it cannot be changed without recording the changes made.
The release of the blockchain platform comes amid rising cases of diamond smuggling, adding to concerns among producers, retailers and end buyers.
According to Bitcoin.com, diamond producers like De Beers are under pressure to ensure that any illegally acquired diamonds do not end up in the formal market.
The report also indicates that end consumers are also insisting on learning about the source of diamond jewelry, which is anything but cheap, anywhere in the world.
“We are proud to partner with our sightholders to provide the industry with assurance of an unchanging source of diamonds at scale. Tracr, which will provide provenance information from source to sightholder for storage on a secure blockchain, will build trust in natural diamonds and represents the first step in a technological transformation that will improve standards and raise expectations for this that we are able to provide. to our end customers,” De Beers Group CEO Bruce Cleaver said in a statement.
Artificial Intelligence, Internet of Things, advanced security and privacy technologies have combined to shape Trackr.