Thanks to adoption by Marilyn Monroe and her iconic song that got diamonds the popularity. Most valuable and cherished stones of all time now have a dedicated blockchain for their tracking.
Hub of crazies, Russian Ministry of Education and Science has introduced a blockchain-enabled platform for tracking natural diamonds.
The core purpose is to fully guarantee the authenticity of the diamonds products across the supply chain. It intends to save people from the diamond fraud market that has both synthetic and natural diamonds, as well as fake stones. It will record at every step of the way from polishing to the final owner.
I never even knew this was a real problem. So you’re paying loads of money only to one day find out that you have been scammed and what you own isn’t even real?! I might just flip out and set the world on fire!
But this technology just might save you. The blockchain was developed by a Russian startup Bitcarat.com, which was founded by graduates of the Russian technical university MISiS and the National Research University.
In an interview, Kemp said:
“We do not see ourselves as a crypto company — and, to be honest with you, we don’t even see ourselves as a blockchain company. We’re building a platform of provenance to help with transparency, and conflict and opaque markets. And we want to build an ethical trade platform.”
It is more of a tool for them and they have a bigger interest than just promoting blockchain. I mean, yes, this adds to the blockchain popularity scale but that is one of the by-products of this mission.
The system will work on unique keys. Each diamond will acquire a digital code that is recorded on a distributed ledger and shared between the participants of the blockchain. It will then start recording whatever happens to the diamond.
Moreover, it will also track the history of the transfer of ownership. So in case, you got yourself an antique piece of diamond jewelry; one you’ll be able to verify the authenticity and two, you will know how many cultures it has been through to reach to you.
They are attracting investments in the coming year. But upon some research, it turned out that Russian isn’t the first in this field. Previously in 2018, Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group had also introduced a blockchain-powered diamond tracking platform which was developed by blockchain startup Everledger and secured by the IBM Blockchain Platform.
With blockchain springing up here and there for every little thing, there is no surprise that it will dominate the world.