Russian startup Bitcarat.com created by graduates of nust MISIS, Moscow power engineering Institute, has introduced a new method of verification and tracking of natural diamonds with the help of blockchain technology – from mining to the last owner and is prepared to attract investment in this development.
According to TASS, citing the Ministry of education and science of the Russian Federation, at the stage of extraction of each stone will get a digital code that will be placed in a distributed database to ensure that information on rights and protection from hacking.
“As a chain of information blocks (blockchain) records all transactions that occur there. Every attempt to edit the code is fixed and changes the whole chain, which automatically shows the attempt of falsification”, – said the press service of the Ministry.
We will remind, in September of last year it became known that Hong Kong jewelry company Chow Tai Fook Jewellery Group will begin to use the developed startup Everledger service to track diamonds on the blockchain platform IBM. Previously, the Corporation De Beers, which is engaged in producing, processing and selling of natural diamonds, has begun to develop blockchain-based platform for tracking of the supply chain. In pilot testing blockchain platform Tracr decided to take part of the Russian group of diamond mining companies, ALROSA. A similar project announced by IBM together with a number of major participants in the international jewelry market, including Berkshire Hathaway Richline Group, Asahi Refining, LeachGarner and Helzberg Diamonds.