De Beers Uses Blockchain to Track Diamonds
According to a Reuters report, Anglo American’s (AAL.L) De Beers revealed on Thursday that it successfully tracked 100 high-value diamonds throughout the supply chain. This has been the first effort of its kind made to remove conflict minerals and imposters from the supply chain.
De Beers is the biggest diamond producer in the world by the value of the gems it has. The company has led multiple industry efforts in verifying the authenticity of the diamonds it uses and in ensuring that the diamonds don’t come from a conflict zone where they would be used for financing violence.
In an official statement, De Beers said:
“An immutable and secure digital trail 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 jeweler.”
Working with five diamond manufacturers, De Beers has developed the blockchain platform, Tracr. The platform would be launched by the end of the year and would be made available to others in the industry about the same time.
Diacore, KGK Group, Diarough, Venus Jewel and Rosy Blue NV were the manufacturers which were involved in the pilot.
It was announced back in January and initially revolved around larger stones. Bruce Cleaver, the Chief Executive Officer at De Beers said:
“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.”
The Blockchain technology is now being used in a lot of different implementations. BMW is testing Blockchain technology for tracking the mileage of cars, and the big wigs in the supply chain industry are already focusing on using the technology.