Originally set up for cryptocurrency usage such as Bitcoin, blockchain technology is now being looked at to aid other industries
Blockchain acts a shared database across a series of networks which allows information to be distributed to, and accessed by, anyone on the internet. The information is not copied, nor is it stored in a central location, or dominated by a single entity. Once a transaction has been validated, it cannot be edited, corrupted, deleted or censored, creating endless possibilities and opportunities for its use. For more on: ‘what is blockchain technology?’
The De Beers Group, the world’s leading diamond company, which specialises in diamond exploration and manufacture, has derived its own use for blockchain technology. The group announced that they are using blockchain technology to create a “digital record for every diamond registered on the platform”.
By using the technology, they will be able to monitor and document the movement of diamonds and gems to track their ethical origin, to ensure they are not sourced from conflict zones. On the importance of sourcing ethical diamonds, Bruce Cleaver, CEO of the De Beers Group, said:
“Diamonds hold enduring value and represent some of life’s most meaningful moments, so it’s essential to provide assurance that a diamond is conflict-free and natural. By leveraging blockchain technology, we will provide an additional layer of assurance to consumers and industry participants, with every diamond registered on the platform having a record as everlasting as the diamond itself.”
De Beers have recruited the help of technology and industry leaders in order to create a platform which will consolidate all of their needs. By collaborating with industry professionals, De Beers have been able to create a system which will protect sensitive data. Experts alike hope that the system will provide a solid foundation for future applications to help benefit the entire industry.
By using innovative, technological advances such as blockchain, the group will continue to provide detailed accounts of each and every diamond to their customers.