Diamond Miner De Beers to Use Blockchain Platform to Stop Smuggling

De Beers, one of the major diamond mining companies, has decided to use blockchain technology to stop the smuggling of precious stones. The company is launching its own blockchain-based Diamond Source platform. It will be called ‘Tracr’. The company has claimed in the advertisement to be its only distributed diamond blockchain. This will give a guarantee to the buyers of the diamond about its legitimate source.

The blockchain platform is decentralized and information about the source of De Beers’ diamonds cannot be changed. The company said in a statement, “The Tracr platform combines distributed ledger technology with advanced data security. It gives users control over how they use and access their data. Each person on Tracr will have their own distributed version of the platform.” This means that their data can only be shared with their permission.” A great feature of blockchain is its ability to maintain transparency. Information is stored on blockchain networks in such a way that it cannot be changed without keeping a record of the changes.

The rise in smuggling of precious stones has created problems for diamond producers, retailers and buyers. According to a report from Bitcoin.com, diamond mining companies such as De Beers are under pressure to stop the sale of illegally acquired diamonds in the market. The report also said that customers also want to know about the source of diamond jewelery as its price is high and they do not want to be cheated.

Bruce Cleaver, Chief Executive Officer of De Beers, said, “We are proud to provide this kind of guarantee to the industry when it comes to sourcing diamonds. Tracr will allow for complete information on a secure blockchain that cannot be changed. But trust will increase. This is the first step of technological change to raise the standards. This will give complete guarantee of quality and sourcing to our clients.” Artificial Intelligence, Internet of Things, Advanced Security and Privacy Technology have been combined to make Tracr.