Here Is De Beers Using Blockchain to Authenticate Diamonds
The following is evidence of the broad application of the blockchain to diamonds in the DeBeers store. Let’s give an ear to the explanations.
DeBeers And The Blockchain
Blockchain technology is finding more and more of its use and here the technology is being experimented in various levels of mechanization. While it is said to be the most secure transaction form, the blockchain and its underlying technology come to the forefront as they are sought out for diverse applications. The opportunity is ripe and they bring the industries together to leverage its applications. Hence we discuss more on the applications currently in the diamond mining industry.
DeBeers comes as the top investor in blockchain when compared to others and as it is the topmost diamond dealer, it owes a lot to the technology to track every stone produced from the rig to the shop. It helps the customer gain a reliable stone with a clear history. This is why they are relying on the blockchain to surge ahead of others in the ecosystem. Hence we are looking at one industry that is by now profiting from the security of Bitcoin transactions. The authentication of the stones makes it the best when it comes to diamond stones. Here we present a whole write-up
Where Is De Beers Valued At In The Blockchain Technology?
As the DeBeers which is the diamond unit of Anglo American is harnessing blockchain technology to keep track of every movement of a gem, it was set to launch later as the new industry-wide blockchain aims to document the movement of diamonds and other gems from the time they are dug up from the ground.
It was observed that although the cryptocurrency is the most prominent application of blockchain technology at this point whereas it is but one of many. Hereby increasingly businesses of all types have looked to the emerging technology as a means of upgrading their models adding security and documenting transactions.
It was thereby according to Reuters whereas one of the primary goals of this new application of blockchain technology is to authenticate diamond transactions. Hence De Beers comes as the largest diamond producer in the world by value and it comes with a long history toward authenticating diamonds as a way of ensuring that they do not come from conflict zones or other sources of violence.
It is therefore found that maintaining accurate and detailed histories of individual stones is essential to De Beers reputation amongst customers which are as a result widely shared technology use to authenticate the diamonds with all the other industry players in the near past.
Thereafter blockchain can be a useful tool in this process according to DeBeers CEO Bruce Cleaver it's a huge public ledger as immutable as anything invested as is a much more unhackable system than anything on a single server.
Blockchain Could Supplement Existing Methods
Hereby, for the time being, it surely doesn’t appear that DeBeers will have to give up on its existing methods of tracking diamond transactions and authenticating individual stones which comes rather as the blockchain technology that may complement existing tools. It is therefore regardless that the goal is to find a secure way of tracking diamonds and a surefire guarantee that individual diamonds are conflict-free.
Eventually, DeBeers planes to open its ledger to the industry to assist in the broader monitoring diamonds worldwide. As Cleaver suggests, it can be very significant for the industry, adding that blockchain could help to make the mining supply chain more efficient. Thereafter for DeBeers, the project has been several months in the making whereas the company began its pilot project. He says that it’s a bold step going public with a pilot but they are going public because they are interested in the entire industry participating. Thereby the participants in the pilot were not disclosed.
Consequently, it was found that in a related application of blockchain technology, as the startup Everledger has indicated that it has been used blockchain to track diamonds as the tool could also be expanded to aid in ensuring the ethical origins of other minerals as well.
The Conclusion On The Discussion Of Diamonds
Blockchain technology is the new kid on the block which ultimately seeks attention from various industries. Its overall reach is widespread and makes the industry safe and secure. The transactions are being valued as ever more solid while the investors help gain attention from them. Many are vying for the top position in the industry ecosystem. Hence it is known that the investors or in this case the diamond miners get the true value for their treasury.