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.
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.