Blockchain Technology Will Power Diamond Production De Beers

Blockchain technology will power diamond production De Beers

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De Beers, the diamond mining firm that is well-known worldwide is building the very first blockchain platform in the diamond industry that will be end-to-end. It will surely track a diamond from the mining to all end consumers. They launched their Tracr platform for tracking and managing the production of diamonds. It is their long-awaited platform that is powered by blockchain. Speaking of platforms, bitcoin users are using bitcode-ai.live, an online trading as cryptocurrency has risen in popularity astonishingly

All about the Tracr platform

  • This platform is based on the blockchain technology of Ethereum.
  • It is built along with the players of the industry.
  • This firm was working on one blockchain system for tracing, recording, and managing its mining of diamonds along with its production or distribution worldwide.
  • This platform got piloted first and tested in 2018.
  • Finally, now the company released this platform for serving the broader industry of diamond mining.
  • They have already included the system in their global operations.
  • They estimate that around 25 % of their diamond production is registered by value on Tracr.
  • It is for the first three Sights of 2022.
  • A Sight is a collective term for any sale event along with a respective diamond lot for buying in the diamond industry.

How will Tracr work?

  • Their platform will be providing producers as well as retailers of the diamond industry access to tempering proof records of the provenance of a diamond.
  • Companies that are rough diamonds authorized bulk purchasers will gain benefit from all immutable diamond credentials’ records.
  • It will be providing retailer’s added assurance of the origin and pedigree of a diamond.
  • De Beers touted the platform’s performance to become capable of scaling to meet high production periods.
  • Tracr will be registering around a million diamonds each week on this platform.
  • It will be a huge upgrade to all centralized platforms that got criticized as they struggled with huge data volumes that cause bottlenecks in such process historically.
  • Like different systems that are powered by blockchain, Tracer will let companies and its users control all permission, access, and use of data of diamond.
  • It is about any individual level with every user provided the platform’s distributed version similar to conventional node operator in different blockchain networks.
  • There is huge security and privacy in the current operation of the industry of diamond.
  • The system of Tracr which is blockchain-based also makes sure that each transaction on the platform is not mutable, and removes all threats of tampering with a diamond as any diamond moves via the value chain.

What is the response to this platform?

  • Last year, Antwerp World Diamond Centre and Bain & Company started their latest report on their diamond industry. It focussed on the main trends for this industry and a proper outlook for the upcoming decade.
  • A major takeaway was an enhanced focus on not only sustainability but also social consumerism.
  • This report indicated that all consumers are highly aware of the preservation of the environment, supply chains that are free from conflict, and mining operations’ carbon footprint.
  • The CEO of De Beers, Bruce Cleaver mentioned that Tracr’s launch in this industry is the perfect step in the correct direction.
  • This is because the behavior of consumers changes for aligning with conservations and operations that are environmentally friendly.
  • He has a hope of seeing the technology ensuring bigger confidence in all-natural diamonds.
  • He also wants it to become a technological transformation catalyst. It will be enhancing standards. It will be raising expectations of what it can provide to its end clients. 
  • The only country that saw an increase in the production of rough diamonds in 2020 was South Africa.
  • It was according to the report of Antwerp World Diamond Centre and Bain.
  • Angola, the Democratic Republic of Congo, and Botswana saw some declines.
  • The Tracr system will be aiding the diamond industry. They will be navigating the uncertainty of the economy. It got driven by the pandemic COVID-19.

Conclusion

With confidence in the origin of the diamond, this new program must get rolled out. It must be producing new advantages for the industry of diamond. Also offers high assurance to all consumers. Already the technology of blockchain played a huge role in global logistics. Also in the industry of supply chain transformation. Over half of the organizations are well listed in the Forbes Blockchain 50. They adopted the technology for developing the latest platforms and systems.  

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