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De Beers Successfully Tracks Diamonds From Mine to Retail With its Industry Blockchain Technology

Earlier this month De Beers Group said they successfully completed a pilot run to track 100 high-value diamonds along the value chain using its industry blockchain platform. This is the first time any diamond sale has been digitally tracked from mine to retail.

De Beers said this pilot run of its industry blockchain platform proves that an immutable and secure digital trail can be created for every step in a diamond’s creation to the jeweller.

This new blockchain platform is called Tracr™. It's scheduled to be released sometime later this year, and it will be open to the diamond industry as a whole.

Seeing that every step of the diamond's creation is digitially recorded on the blockchain, it will eliminate any worry by the consumer that it may have anything less than an honorable history.

“The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before,” said Bruce Cleaver who serves as CEO for De Beers. “This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry.”

Full story here.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
Tennessee