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Blockchain Makes Its Way into the Diamond Industry as De Beers Starts to Experiment with New Tech

The highly flexible nature of blockchain has started to become really apparent in recent years. The technology has managed to find its way into many areas of life, and various companies in many different industries have been actively experimenting with it for various purposes. And while some of those experiments have ultimately proved fruitless, the important thing is that we’re seeing actual progress and some really creative applications of blockchain technology.

De Beers is one of the most recent players to join this game, with the introduction of Tracr, their diamond tracking platform that allows for easy verification of the authenticity of individual stones. The platform was met with curiosity from multiple sides, and even though it’s still in a relatively early phase, it’s been showing strong potential in certain regards.

Tracr

The platform, based on blockchain technology, is going to make verifying the authenticity of diamonds a completely different ordeal from what it is now. Reports indicate that the process could be streamlined significantly, impacting the market on all levels, including the consumer one. De Beers has also announced intentions to use the system as a platform for proving that their own diamonds were not sourced from any areas with high levels of violence, where workers are commonly getting exploited for their labor.

TrustChain

It’s worth noting that this is not the first similar project we’ve seen yet. The TrustChain Initiative was announced by a different group in the jewelry industry just recently. That technology is based on cloud services provided by IBM, specifically tailored to the needs of the diamond industry. Many online platforms that deal in diamonds can use the service to verify the origin of their products and to ensure their authenticity in the same go.

However, the underlying technology differs between the two projects, in some regards fundamentally. Many have expressed their interest in the current situation, wondering which company is going to come out on top in the end.

An Age of Experimentation

Many players in this market like GS Diamonds has started to experiment with new technology in an active manner recently, and we’re likely going to see even more interesting solutions arriving in the market in the near future if the current trends are of any indication. Those interested in the way this market has been shifting should pay close attention to the implementation of blockchain technology. It’s quickly proving to be the most important asset on the table in many regards, and many companies have started to utilize its potential in better ways.

Tracr and TrustChain are just the beginning. The diamond industry has been a controversial one for some time now, and companies involved in it have been putting a lot of effort into addressing these issues and presenting themselves in a better light. Adopting new tech is always a good way to go about that, so let’s see how far this will go and whether it will introduce anything that ends up being a persistent element of the market later on.

 

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