Tech

Diamond Miners De Beers uses blockchain platform to optimize authenticity and curb illegal smuggling

De Beers, the London-based diamond prospector, has opted to adopt blockchain technology to stem the gems’ illegal runoff. The company is rolling out its blockchain-based Diamond Source platform. The name of this platform is “Tracr” and De Beers advertises it as the “world’s only distributed diamond blockchain”. The purpose of this launch is to provide a “tamper-proof” guarantee of legal origin for the diamonds retailers purchase.

The decentralized blockchain platform is able to provide immutable information at the source of the De Beers diamonds. The company expects that this will make De Beers diamonds 100% authentic.

“The Tracr platform combines distributed ledger technology with advanced data security and privacy, ensuring participants control usage of and access to their own data,” the company said in a recent statement.

“Each participant on Tracr has their own distributed version of the platform, which means their data can only be shared with their permission and only they decide who can access their information.”

One of the key elements of the blockchain is its ability to provide transparency. Blockchain networks store information in such a way that it cannot be changed without recording the changes made.

The blockchain platform’s release comes amid rising cases of diamond smuggling, adding to concerns from producers, retailers and end buyers.

According to Bitcoin.com, diamond producers like De Beers are under pressure to ensure illegally obtained diamonds don’t end up on the formal market.

The report also states that end consumers also insist on inquiring about the source of diamond jewelry anywhere in the world that is anything but cheap.

“We are proud to join our sightholders in providing the industry with an unwavering guarantee of the provenance of large-scale diamonds. Tracr, which enables the delivery of provenance information from source to sightholder for storage on a secure blockchain, will increase trust in natural diamonds and represents the first step in a technological transformation that will improve standards and expectations of what we do can offer to our end customers,” said Bruce Cleaver, CEO of De Beers Group, in a statement.

Artificial intelligence, the Internet of Things, advanced security and privacy technologies have combined to form Trackr.


https://gadgets360.com/cryptocurrency/news/diamond-miners-de-beers-blockchain-platform-curb-illicit-smuggling-2966613 Diamond Miners De Beers uses blockchain platform to optimize authenticity and curb illegal smuggling

Ryan Sederquist

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