South Africa is well known for her diamonds and now the blockchain technology can now be employed in keeping track of the diamonds. South Africa’s De Beers Group, the world’s largest producer of diamonds decided to integrate the blockchain technology to a pilot project to track diamonds from the mine to retail.
The De Beers group seek to eradicate violence in diamond mines, human rights violations, worker exploitation, and environmental degradation. This led to the launch of the Blockchain platform in January,2018. The Platform Is called called Tracr and the company has revealed that it will be open to the diamond industry as soon as it launches sometime this year. De Beers revealed in a statement, “When fully operational, Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain.”
The company also revealed that they have tracked 100 high-value diamonds already across the production to delivery chain using an “immutable and secure digital trail [that] was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweller” the company stated.
The company has already started making more plans and has partnered with five leading diamond manufacturers: Diarough, Diacore, KGK Group, Rosy Blue NV and Venus Jewel. CEO, De Beers Group, Bruce Cleaver said in a statement,
“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.” He explained further, “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.” The industry is anticipating the Tracr platform.
What do you think about the Tracr Project? Share your opinion with us in the comment section below.
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