Diamond giant De Beers is introducing the blockchain to track diamond supply

One of the most famous diamond companies in the world introducing a blockchain investing in the platform asset tracking. The President of the company De Beers announced that the organization plans to use technology to improve the transparency of the supply chain of diamonds.

Company, the world’s largest producer of diamonds, says it wants to use the platform track, to restore confidence in the delivery process of diamonds, as well as to solve other problems associated with money laundering and tracking «blood diamonds».

CEO Bruce cleaver (Bruce Cleaver) published this information in the blog
the company, writing:

«Tracking platform diamonds is based on the technology of the blockchain, which allows you to create a digital registry, protected from unauthorized access. It also provides the possibility of creating immutable records of all action — in this case, the path of a diamond through the value chain».

Cleaver described a number of characteristics that will have the platform, including control of privacy of participants and to potential users. A specific launch date, although cleaver said that the development process will go in the coming months and will include participation of range of stakeholders.

«In the coming months we will continue to work with industry leaders and share with you the progress,» wrote cleaver. «In the process, we without a doubt will make mistakes, but we will continue to work and learn from them.»

The fact that De Beers is moving in this direction is not surprising, given the work in this area by industry startups as well as international organizations. In particular, the group behind the Kimberley process — an initiative aimed to prevent «blood diamonds» to get to world markets. The group recently announced that it plans to use the blockchain to track statistics of diamond trade.

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