Bringing authenticity and provenance to the supply chain.
A number of diamond manufacturers have worked with producer De Beers to create the Blockchain system, Tracr. Tracr tracks each diamond from its source all the way to the end customer, using a Global Diamond ID for each rock.
The system is backed by highly sophisticated computer encryptions meaning that only the people overseeing the mining, cutting and retailing of the diamonds can enter or edit the data. This makes it highly secure and gives the strongest reassurance the stones are conflict free.
The system hopes to give consumers confidence in the diamond market and improve transparency.
Many brands are starting to use Blockchain to enhance security in their supply chains, among them Walmart, Fed Ex and British Airways.
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