De Beers to Guarantee Diamond Purity via Blockchain

The company aims to verify the authenticity of diamonds using blockchain technology
16 January 2018   1034

De Beers, an international corporation that specialises in Mining and trading of diamonds, aims to launch the first industry-wide blockchain this year to track gems each time they change hands starting from the moment they are dug from the ground, its chief executive said on Tuesday.

The company aims to verify the authenticity of diamonds and ensure they are not from conflict zones where gems could be used to finance violence using blockchain technology.

De Beers began its pilot project this month after several months of research, responding to a rising number of customers wanting guarantees diamonds had not been used to fund conflicts.

It’s a huge public ledger as immutable as anything invented. It’s a much more un-hackable system than anything on a single server. Blockchain has the ability to be very significant for the industry.

 

Bruce Cleaver

CEO, De Beers

According to the company, the project will be the first to span the entire value chain and it will be open to everyone in the industry and will offer the potential for monitoring each stone.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   95

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.