October 30, 2018 11:14 PM
Diamonds are forever…on the blockchain.
The world’s second-largest producer of diamonds, Russia-based ALROSA, has agreed to participate in a pilot for blockchain supply chain Tracr, according to an October 29 press release published on the ALROSA website.
Tracr is an Ethereum-based blockchain platform conceived in 2017 by De Beers, the world’s biggest diamond producer, and the pilot program started in January 2018.
The platform is designed to be an end-to-end blockchain platform with the ability to track a single diamond from the mine to the point of sale.
This pilot program is intended to not only allow large companies to track their supply and prove the provenance of products, but also to prove to consumers that the diamonds they are purchasing are not “blood diamonds” and that they were mined under acceptable conditions.
Because it’s end to end, the platform ultimately requires the participation of not just diamond producers like ALROSA, but also financers, industry regulators, and retailers.
Jim Duffy, Tracr general manager, welcomed ALROSA’s addition to the pilot: “We look forward to working with all members of the industry to ensure we deliver a comprehensive platform that creates value for diamond businesses while meeting the consumer’s expectations.”
Improving efficacy, transparency, and traceability in supply chains is a very common use case for blockchain technology. This isn’t even the only diamond-centric blockchain: Hong Kong-based Chow Tai Fook Jewellery Group said in September that it would use a blockchain to track its diamonds. Everledger has been quite interested in diamond supply chains and created the Diamond Time-Lapse Protocol in 2017.
Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.
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