De Beers to launch their complete Blockchain solution “Tracr” this year
The pilot project was announced in the month of January after logical analysis with the experts in the diamond industry.
The diamonds were tracked through a streamlined process starting from the mine. Further from the mine it went through the refined processes of shaping the diamond through the cutter. From the cutter it moves for polishing to the polisher and finally to the retailer or jeweller.
De Beers pilot initiative was undertaken for 100 high-value diamonds.
Their own Blockchain platform dubbed “Tracr” will be launching this year itself. The platform will be available to provide its services to the giant diamond company.
We have successfully tracked 100 high-value #diamonds along the value chain using our industry #blockchain platform – marking the first time a diamond’s journey has been #digitally tracked from mine to retail https://t.co/XOxpanL29v pic.twitter.com/mOdDmjxXPn
— De Beers Group (@debeersgroup) 10 May 2018
Tracr will be useful for consumers as well. It will give a clear picture about how diamonds’ authentication process functions within the industry.
Several diamond manufacturers have actively participated for the creation of the blockchain platform “Tracr” in cooperation with De Beers. The name of the manufacturers are Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.
The experienced manufacturers provided significant contribution for the development of the platform for the diamond value chain.
“The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before. This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry”, stated Bruce Cleaver, CEO, De Beers Group.
Chairman of Venus Jewel, Sevantilal Shah stated, “Venus Jewel is proud to be one of the first partners in Tracr. Proof of provenance is a key part of Venus’ promise to its customers, and Tracr will be an integral part of that promise. Participating in the pilot has been a successful experience and we look forward to continuing with the programme and supporting De Beers in raising the standard for the diamond industry.”
Amit Bhansali, Managing Director of Rosy Blue NV stated, “Technology has already significantly contributed to improving transparency within the diamond industry. Initiatives that use blockchain can drive this process even further, as their implementation requires collaboration and trust creation among all industry stakeholders. We are excited to be contributing to this process through our participation in the Tracr platform.”
Tracr platform will allow the creation of a Global Diamond ID which is unique. It will be the first process for the diamond value chain. The ID will carry specific information about the diamond for eg. carat, colour and clarity. The features can then be incorporated with the users’ existing information or record maintaining system. Moreover Tracr will combine tracking data from just a rough piece of precious diamond to polishing and converting it into a high valued jewel.
Moreover, Tracr will support the diamond authenticity process through its pictures, prospect images and its physical properties.
Tracr will be a complete solution package that verifies a diamond authenticity and gives its users the power to share the required data through privacy features.
BCG Digital Ventures are providing their services to the De Beers for the full fledged Blockchain development platform.
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