De Beers has developed a blockchain to control the origin of diamonds

The De Beers Group has announced the upcoming launch of the Tracr blockchain platform to control diamond production and track the chain of movement of gems from the mining site to buyers.

Tracr will be the world’s first blockchain network that records and guarantees the fact of origin of precious stones. According to the developers, this will allow companies that are part of the De Beers distributor circle to track the history of diamonds, and jewelry stores to trust the stones they buy.

The authors of the project note that they will now be able to register about a million diamonds online every week.

De Beers is an international corporation engaged in the extraction, processing and sale of natural diamonds, as well as the production of synthetic diamonds for industrial purposes. It was founded in 1888 in what is now South Africa.