Yesterday De Beers said that Tracr, its diamond provenance blockchain, has been rolled out at scale. The platform enables the diamonds to be tracked from the mines through to consumer purchase. The news follows the recent adoption of another solution by a major luxury consortium and the resolution of a legal case related to Tracr’s technology.
Most traceability platforms have dual aims of proving the authenticity of the object, diamonds in this case, and ensuring they are ethically and sustainably sourced. The immutability of blockchain helps with that.
Tracr was first announced in December 2017, and four years ago, De Beers shared that 100 diamonds had been tracked in a pilot. Apart from traceability, the platform is permissioned, allowing participants to share data only with the parties that it chooses.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
