Diamond giant De Beers has announced a blockchain-based diamond traceability platform that would help create a tamper-proof and permanent record of interactions through the value chain.
The announcement was made by Bruce Cleaver, CEO, De Beers Group, in an online post. He said that the solution being developed aims to provide unprecedented levels of confidence and assurance for all stakeholders.
“What is most unique about this project, is that the system is able to verify activity on the chain without needing to reveal sensitive details to the wider community. As a result, participants can be confident that a transaction occurred, but safe in the knowledge that the sensitive data remains between them and their counterparty,” Cleaver said.
The platform will span the entire diamond value chain which would capture the end-to-end journey of a diamond – from an unpolished gift of nature to its ultimate purchase. Once established, the blockchain will operate as a shared platform, on top of which a range of solutions could be built. Cleaver said that the platform will be secure, open, collaborative, independent, and would ensure trust, immutability and privacy.
“Most importantly, the traceability platform will be inclusive – a shared resource for registered members of the diamond industry, benefiting all those who expect to buy and sell with confidence,” he said.
Cleaver said that the team has made significant progress and will continue to work with leaders from across the industry in the forthcoming months.
“This is new technology and this is a complex industry, so we have more work to do before we are ready to launch the platform,” he added.
