Log in


ICOLINK - ICO Listing Directory and Blockchain Community | "Link your ICO to Success!"


Diamond giant De Beers is introducing a blockchain to track the supply of diamonds


One of the most famous diamond mining companies in the world is implementing blockchain, investing in the asset-tracking platform. De Beers President announced that the organization plans to use technology to increase the transparency of the diamond supply chain. The company, the world's largest diamond miner, says it wants to use the tracking platform to restore confidence in the diamond supply process, and to solve other problems related to money laundering and the tracking of blood diamonds.

CEO of the company Bruce Cleaver released this information in the company's blog, writing: 

"This diamond traceability platform is underpinned by blockchain technology, which allows for a highly secure digital register that creates a tamper-proof and permanent record of interactions – in this instance, a diamond's path through the value chain."

Cleaver outlined a number of characteristics that the platform will possess, including privacy controls for participants and wide access to potential users.

As it stands, the system doesn't have a firm launch date, though Cleaver indicated that the development process would play out over the coming months and involve input from stakeholders.

"In the months ahead, we will continue to work with leaders from across the industry and share our progress with you," Cleaver wrote. "In the process we will no doubt make some mistakes, but we will continue to collaborate, learn and persevere."

That De Beers is moving in this direction is perhaps unsurprising, given work in this area by industry startups as well as international bodies like the United Nations. In September 2016, the group behind the Kimberly Process, an initiative which seeks to keep conflict diamonds out of global markets, said that it was looking to apply blockchain as part of a way to track diamond trade statistics. 

Western Union blocks transfers to Cryptocurrency e...
Startup Blockstack raised mln $ 50 on ICO with pa...

Related Posts


Comments (0)

There are no comments posted here yet

Leave your comments

  1. To comment without Moderator approval Sign up or login to your account.
0 Characters
Attachments (0 / 3)
Share Your Location

By accepting you will be accessing a service provided by a third-party external to https://icolink.com/