Diamond Industry Giant Throws Weight Behind the Blockchain
October 30 2018 - 1:36PM
ADVFN Crypto NewsWire
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Bitcoin Global News (BGN)
October 30, 2018 -- ADVFN Crypto
NewsWire -- It
seems like it will only be a matter of time before using the
Blockchain to track diamonds from their source to their sellers is
a normal practice in the Diamond industry. According to a report
today by Coindesk, De Beers and Alrosa, which are the number one
and two companies in this industry by revenue, have now joined
together to pilot a project that aims to implement end-to-end
tracking of diamonds on the Blockchain.
All in all, the greater goal of this project is truly improve the
process of provenance in the space, which, judging by an Alrosa
press release on the subject, could do with more transparency. If
you are familiar with the primary use case of the Blockchain, from
its effective inception with the Bitcoin network, then you know how
powerful it can be in terms of doing this.
As long as the companies keep their Blockchain public, anyone will
be able to see where their diamonds come from and even, what places
they have passed through on the way to the store where they were
eventually purchased. In doing this, Tracr, which is the name of
the project that both companies are involved with, aims to
specifically show that all of the diamonds registered on their
Blockchain are “natural and conflict-free.”
According to the CEO of De Beers, an added benefit of Tracr is the
ability to better track all diamond production by the companies
involved, which he reportedly stated would help customers and
suppliers.
The initial announcement for all of this was last year but now it
appears that the project has just started to actually go live in
its pilot stage. Given that Tracr also touts privacy and security
as some of its driving values, it will be interesting to see
whether they can effectively balance these goals with the added
goal of transparency across their industry’s value
chain.
By: BGN Editorial Staff
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