The De Beers Group announced the launch of the Tracr blockchain platform to scale control over diamond mining and track the chain of movement of precious stones from mines to buyers.
The Tracr system will be the first distributed network in the history of the diamond industry to capture and secure the origin of gemstones. According to the developers, this will allow companies that are part of a limited circle of De Beers distributors to track the history of diamonds, and jewelry stores to trust the stones they purchase.
De Beers Group CEO Bruce Cleaver is convinced that the launch of the system and deployment of the Tracr blockchain will strengthen consumer confidence in the quality of natural diamonds and will be the first step in the company’s technological transformation.
The decentralization and scalability of the Tracr platform will allow De Beers to register about one million polished diamonds on the network every week.
At the end of 2019, the Russian diamond mining company ALROSA announced the launch of a De Beers-similar pilot project to track diamonds on the Everledger blockchain in cooperation with technology company Tencent. The initiative was aimed at users of the WeChat messenger, which is owned by the Chinese Internet giant Tencent.
