✳️ Diamond Company Using Blockchain Technology

I, along with probably most people on Steemit, are bullish on cryptocurrency and blockchain technology. Mining.com recently published an article about how the diamond company De Beers, has successfully tracked its first diamonds from its mines to jewellery retailers using blockchain technology.

Why is this a big deal? Many of you probably saw the movie or heard of the blood diamond trade that was/is occurring in parts of Africa. Some time back in university we studied about this trade and the heartbreaking affects it had on the local population.

The technology they’ve developed is called Tracr and they have plans to roll it out and make it available to whole diamond industry later this year.

The article goes on to say, “Tracr gives each diamond a unique ID that stores stones characteristics such as weight, colour and clarity. The blockchain platform is basically a shared database of transactions maintained by a network of computers on the Internet, a technology currently being employed in the bitcoin sector.
Tracr gives each diamond a unique ID that stores stones characteristics such as weight, colour and clarity. To support the process, the system will also be using stone photos and planned outcome images.”

The article is here if you’d like to read it.

I think we’re at the tip of the iceberg on where blockchain/hashgraph technology can take us. The future is decentralized and it’s exciting to see the use of this technology to benefit our world.

Keep on Steemin on!