Blockchain technology to power De Beers’ diamond production
De Beers has launched its long-awaited blockchain-powered Tracr platform to track and manage diamond production. Global diamond mining firm De Beers has launched a proprietary blockchain-powered platform to manage its diamond production and distribution.The firm has long been at work on a blockchain system to trace, record and manage its diamond mining, production and distribution across the globe. The Tracr platform was first piloted and tested back in 2018, and the company has finally released the platform at scale to serve the wider diamond mining industry.De Beers has already....
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Blockchain integration into any sector has proven to be a fitting move, and the diamond industry’s interest in this technology will without doubt be instrumental in its improvement. Diamonds are some of the world’s most valued gemstones, and the global diamond industry has managed to remain afloat despite being partially eclipsed by the emergence of modern stocks and novel virtual assets.The diamond industry, however, appears to be undergoing a paradigm shift in recent times — incorporating modern technology such as blockchain to improve diamond production, tracking and ultimate sales.....
De Beers, one of the leading diamond-producing companies globally, recently announced the deployment of its blockchain-based diamond source platform at scale. The platform will “enable the provision of provenance information from source to Sightholder to store on a secure blockchain.”
Immutable Record of a Diamond’s Provenance
One of the world’s top diamond miners, De Beers, recently said it had deployed a blockchain-based diamond source platform at scale. The platform, which is known as Tracr, gives the so-called sightholders the ability “to....
Bitcoin's first cashless ATM has just gone live in Queensland, Australia. The ATM kiosk was installed at the Bluff Café, which is located in Burleigh Heights. The ATM has been a long time in coming since Diamond Circle announced its development in March this year, but it is now and finally here. The Diamond Circle ATM works together with its bitcoin debit cards. They cannot be used with any other ATM. In March this year, CCN carried the story about Diamond Circle having developed the first cashless Bitcoin ATM. In explaining how the Bitcoin ATM would work, the company's Chief Technology....
Ascribe has announced the release of BigchainDB, a scalable blockchain database that can process 1 mln writes per second. Their first licensed user is Everledger, a diamond industry ledger. Why a scalable blockchain? In their press release, BigchainDB is described as a ledger which can “achieve one million writes per second with sub-second latency and petabytes of capacity in a federated blockchain database”. The platform will also allow “developers and enterprises to deploy blockchain applications and platforms at scale, formerly a limiting factor in getting sandbox proof-of-concepts into....
Diamonds have an unlikely new best friend - the blockchain. London startup Everledger is using the technology behind bitcoin to tackle the industry's expensive fraud and theft problem. Or as CEO Leanne Kemp describes it, "putting bling on the blockchain". According to a 2012 study from the Association of British Insurers, around 65% of fraudulent claims go undetected, at an expense of £2bn to insurance companies annually. Diamonds play a key part in this, Kemp said: "Insurers will meet at a conference once a year and say 'By the way, did you see our diamond fraud has gone through the roof....