De Beers (a worldwide company for diamond mining) has initiated a proprietary blockchain-powered venue to organize the production as well as the distribution of its diamonds. For a long time, the company has been examining a blockchain system for recording, tracing, as well as managing the distribution, as well as production of its diamonds throughout the world. Previously in 2018, the Tracr venue was piloted as well as tested and the firm has now ultimately issued the venue to participate in the broader industry of diamond mining.
De Beers has in advance integrated the system into the global operations of the firm and anticipates that up to 25% of the production of its diamonds is enlisted on Tracr for the initial three Sights of this year. In the industry of diamonds, a Sight denotes a general term comprising a sale event with the respective diamonds’ lot for purchase. The retailers and producers will be permitted by the venue to access tamper-proof records dealing with the provenance of diamonds.
Sightholders, the firms that are the certified bulk purchasers of random diamonds, will be advantaged from the diamond credentials’ immutable record, which will then offer the retailers the additional guarantee about the origin and pedigree of a diamond. De Beers has advocated for the venue’s performance to obtain the capability to scale to deal with the high production periods.
Tracr will have the potential to register nearly 1M diamonds every week on its venue, which is considered to be a chief advancement to the conventional companies that invited criticism for scuffling with big bulks of data that has been causing problems in this procedure. As is the case with several systems powered by blockchain technology, Tracr will let the consumers and institutions administer the permission, access to, as well as utilization of diamond data.
Security and privacy are mentioned to be of the foremost importance across the diamond industry. The blockchain-based system of Tracr also guarantees that each of the transactions performed on the venue is immutable, eliminating the hazard of tampering with data as the value chain is the thing through which a diamond moves.
In the previous year, AWDC (Antwerp World Diamond Centre) as well as Bain & Company issued their unique report regarding the diamond industry, indicating the chief trends in the industry and their impact on the coming period. A noteworthy factor that the report highlighted was the attention toward social consumerism and sustainability. It emphasized that the customers are additionally aware of the environment preservation, mining activities’ carbon footprint, and supply chains without conflict.