Tiffany and Co Adopting Blockchain for Diamond Tracking
Nearly 4% of the world’s diamonds and jewels are conflict diamonds, the ones used to fund military escapades in regions that are prone to economic and social instability. These conflict diamonds result in three to four million deaths per year. Given the alarming role conflict diamonds play in destabilizing countries, only 27% of diamond retailers are able to ensure their diamonds are conflict-free. Some solution is needed to reduce if not rid the Earth of conflict diamonds altogether.
Blockchain technology is used throughout various industries, such as pharmaceuticals, healthcare and retail, globally for collaborative supply chain management. This provides companies with the ability to track an item from the moment it is created until the moment it is sold, while the data stays immutable throughout an asset’s path.
The pharmaceutical industry uses blockchain to track medicines from one point to the other. Healthcare providers are applying blockchain to securely store and collaborate on patient data. Walmart is using blockchain technology to track their leafy greens from farm to table, so why not diamonds? Tiffany and Co, one of the largest and greatest diamond distributors in the world, is stepping up their efforts to ensure they are selling conflict- as well as blood-free diamonds to their consumers.
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