London-based diamond miner De Beers has decided to adopt blockchain technology to prevent illegal outflow of precious stones. The company is rolling out its blockchain-based Diamond Source platform in a big way. The platform is named ‘Tracker’ and De Beers is advertising it as “the world’s only distributed diamond blockchain”. The launch aims to provide “tamper-proof” sureties on the legal origin of diamonds being procured by retailers.
decentralized in nature, blockchain The platform is able to deliver immutable information on the source of De Beers Diamonds. The company hopes to make the diamond sourced by De Beers a full 100 percent authentic.
“The Tracr platform combines distributed ledger technology with advanced data security and privacy, ensuring that participants control access to and use of their own data,” the company said in a statement. 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 choose who can access their information.”
One of the key elements of a blockchain is its ability to safeguard 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 the concerns of producers, retailers and end buyers.
According to bitcoin.comDiamond producers such as De Beers are under pressure to ensure that no illegally obtained diamond ends up in the formal market.
The report also noted that end consumers also insist on inquiring about the source of diamond jewellery, which is anything other than cheap, anywhere in the world.
We are proud to join hands with our visionaries to provide irreversible diamond source assurance to the industry at large. Tracr, which will enable the provision of information from the source to the siteholder to be stored on a secure blockchain, underpins trust in natural diamonds and represents the first step in a technological transformation that will raise the standards and enablement of what we provide. is able to raise the expectations he has for our end customers,” De Beers Group CEO Bruce Cleaver said in a statement.
Artificial Intelligence, Internet of Things, advanced security and privacy technologies have been combined to shape the tracker.