The De Beers Group is using the TracrTM blockchain platform to process diamond production in its company.TracrTM is the first distributed diamond blockchain that begins at the source and delivers tamper-proof source proof at scale, allowing Sightholders to keep track of a diamond’s history, and jewelry shops to have faith in the diamonds they buy.
De Beers Group launches the Tracr™ blockchain platform
Tracr was first revealed in December 2017, and four years ago, De Beers announced that 100 diamonds had been monitored using the technology. The platform is permissioned, allowing users to transmit data only to the parties with which they have expressly authorized. De Beers, the world’s largest diamond company, announced this week that it will use its Tracr blockchain at scale to keep track of each stone’s origin. This will allow buyers to trace a diamond’s origins from the mine to the retailer. The De Beers company, which created Tracr, has already registered a quarter of its production by value on the blockchain.
With more end customers wanting to know where their purchases are sourced, the significant significance of a diamond purchase necessitates a technological innovation to meet their standards.Tracr, which is said to be the only diamond blockchain that can keep track of millions of diamonds at once, claims to be the only one with tamper-proof records of diamond origins on a large scale. The widespread use of TracrTM at scale provides unchangeable information on the origin of De Beers’ diamonds all the way along the value chain, making source verification for 100% of De Beers’ production feasible.
De Beers Group CEO Bruce Cleaver said the deployment of the Tracr blockchain would underpin confidence in natural diamonds and represent the first step in the technological transformation that would raise expectations for what would raise expectations of what they provide their clients.De Beers stated that it had already implemented the solution for a fifth of the value sold to three jewelers. The platform is capable of generating one million diamonds every week.
The TracrTM platform
The Tracr™ platform combines distributed ledger technology with strong data security and privacy to ensure that users maintain control of their own information. Each user of TracrTM has their own customized version of the platform, which means that only they can access their information, and only with their permission. TracrTM’s advanced privacy technologies ensure data security on the platform. The immutability of each transaction on the platform ensures that the data is not tampered with as the diamond proceeds through the value chain.
The platform’s decentralization and scalability are assured by its peer-to-peer architecture, which allows for the registration of one million diamonds per week. Dealing with a large amount of information on a centralized platform might cause bottlenecks, but the decentralized approach employed by TracrTM eliminates them and allows for quick expansion.
The launch of TracrTM at scale is a major step towards making the diamond industry more transparent. De Beers Group will continue to improve and expand TracrTM in order to provide consumers and other stakeholders with confidence that their diamonds are natural, conflict-free, and valuable.
The Tracr™ platform integrates a variety of cutting-edge technologies, including blockchain, artificial intelligence, the Internet of Things, and advanced security and privacy mechanisms, to track a diamond’s journey through the value chain. The diamond industry has been willing to work closely with the blockchain sector. Last November, an Australian start-up called Your Diamonds announced it would accept Bitcoin for its second sale/tender of fancy pink diamonds mined from the recently shuttered Argyle diamond mine.
has broken bound again, this time being used to make payment during auctions of diamonds and other precious stones.
Tracr™ is a truly revolutionary platform that will change the way consumers interact with diamonds by providing them with absolute confidence in their purchase, which ultimately makes it more valuable. The potential applications of this technology are endless and we’re thrilled to be one step closer to a future where blockchain is the norm for diamond authenticity.
