Leading diamond production juggernaut, De Beers Group has launched the Tracr blockchain platform at scale for its diamond production.
The platform enables the diamonds to be tracked from the mines to consumer purchase. According to De Beers Group CEO Bruce Cleaver,
“The Tracr’s deployment will underpin confidence in natural diamonds and represent the first step in a technological transformation that will enhance standards and raise expectations of what we can provide to our end clients.”
This news comes after the recent adoption of another solution by a major luxury consortium and the resolution of a legal suit connected to Tracr’s technology.
Trace has capability to provide provenance assurance for 100% of De Beers Group’s diamonds from source to Sightholder to store
The Tracr Technology
Tracr is the world’s sole distributed diamond blockchain that starts at the source and provides tamper-proof source assurance at scale. As a result, it enables site holders to provide a unique record of a diamond’s provenance, thereby empowering jewelry retailers to be more confident in the origin of the diamonds they purchase.
Clients generally want to know more about the source of their products. And so, the deep meaning of a diamond purchase requires a technological step-change to meet their expectations.
The introduction of TracrTM at scale delivers immutable information on the source of De Beers’ diamonds across the value chain and makes source assurance for 100% of De Beers’ production possible.
First announced in December 2017, and four years ago, De Beers shared that 100 diamonds had been tracked in a pilot.
A major development in the diamond industry
The TracrTM platform incorporates distributed ledger technology with advanced data security and privacy to ensure that participants control their data use and access. Each participant on TracrTM has their own distributed version of the platform. That means their data can only be shared with their permission, and only they can decide who can have access to their information.
The advanced privacy technologies used by TracrTM ensures data security on the platform. The immutable nature of each transaction on the platform ensures that the data cannot be tampered with when the diamond progresses through the value chain.
Moreover, the decentralized nature of the platform accounts for considerable speed and scalability, as well as the ability to register one million diamonds a week onto the platform.
While on the other hand, centralized platforms dealing with large volumes of data can cause bottlenecks. This is not the case with the decentralized model used by TracrTM, as it avoids such issues and enables rapid scaling.
This scalability, speed, and security of the TracrTM model are combined into an intuitive user experience to offer a uniquely user-friendly experience. De Beers Group is the world’s biggest diamond company. It focuses on the exploration, mining, and marketing of diamonds.
First launched in an R&D phase in 2018 and considered by Forbes as one of the world’s 50 leading blockchain solutions in both 2020 and 2022, De Beers has already registered one-quarter of its production by value on TracrTM in the first three Sights of the year in preparation for this first scale release.