What’s Going On?
Global diamond brand De Beers’ blockchain-powered tracking platform has successfully followed its first 100 high-value stones from mine to shop, reported Bloomberg.
Why Does It Matter?
The platform, called Tracr, is expected to launch later this year, says De Beers. It is designed to provide consumers with confidence that registered products are not so-called “blood diamonds”.
The pilot was announced in January, following months of research and industry consultation. De Beers is working with BCG Digital Ventures to build the platform and underlying technology.
Just De Beers On This Project?
No, De Beers have help – leading diamond manufacturers Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel have been working with De Beers on Tracr.
De Beers Group CEO Bruce Cleaver 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. This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation.”
Last month we reported that IBM has launched TrustChain, another blockchain that follows jewellery supply chains from mine to retail outlet to help keep “blood diamonds” out of the global marketplace.