De Beers is a diamond company that works on the global market. Now, De Beers will use the blockchain technology for diamond tracking.
On the 10th of May, the company announced, that for the first time, this technology is going to be used to track a diamond from mine to retail.
The company is going to launch the new tracking platform which will be called Tracr and will be used for diamond tracking. Moreover, the platform will be available for use in the entire diamond industry. The effort is made to improve the customer experience and satisfaction and to increase the supply-chain efficiency.
The problem of the diamond trade lies in so-called conflict diamonds that are mined in war zones, are traded illegally and funds from their sale are directed to the financing of criminality and terrorism as well as to fund the fighting. this is what De Beers is going to avoid – the trade of such diamonds.