Blockchain technology has gained a lot of interest in the sphere of technology since its inception. It has provided revolutionary solutions to many areas in recent years to our global community, including finance, authentication, and data protection.
Not only is blockchain making waves in the healthcare, finance and IT sector, but it has also been applied to verify the authenticity of diamonds. Global diamond mining leaders, De Beers has taken on the task of creating a blockchain enabled platform to trace diamonds back to their origins, in a move to reduce the likelihood of unethically sourced rocks that might come from conflict zones. A blockchain-built system would act as a digital record to track every diamond the company has produced.
In order to maintain their world-renowned reputation, it is important for the company to know exactly where their diamonds came from in order to prove their customers the legitimacy of the diamonds. The company hopes its revolutionary approach will transform the industry as a whole.
Bruce Cleaver, CEO of the De Beers Group, said: “Diamonds hold long-lasting value and represent some of the most meaningful moments of life, so ensuring that a diamond is conflict-free and natural is essential. We will provide consumers and industry participants with an additional level of assurance by leveraging blockchain technology, with each diamond registered on the platform having a record as eternal as the diamond itself.”