Signet Jewels, the world’s largest retailer jewelry with diamonds, joined blockchain project Tracr largest miner De Beers Group.
Thus, Signet becomes another company that participates in the pilot program, along with five world leaders in production of diamonds and jewelry.
Recall that in the framework of the system based on shared distributed registry that is developed by De Beers and participants of the project will be monitored “path” of each produced diamond. In particular, the blockchain-the project will create the necessary obstacles for the so-called “blood diamonds” that are mined in conflict zones, and will ensure absolute transparency of the diamond digger chain-the consumer.
In addition, the first in the world program, the virtual tracking the entire value chain of a gemstone, guarantees the end customer the authenticity and origin of the diamond, ensuring the impossibility of the theft or substitution of stone along the way.
“Tracr aims to bring the benefits of blockchain technology in the entire value chain, providing consumer confidence, trade with increased efficiency and lower costs, as lenders industry a higher level of transparency,” said CEO of De Beers Bruce cleaver (Bruce Cleaver).
Given the high level of project participants, it is not surprising that it attracts new companies, “the luxury industry”, which impeccable reputation is everything.
“Responsible sourcing of diamonds has always been an integral element of corporate ethics Signet, and henceforth it will be strengthened through cooperation with Tracr,” said CEO of the retailer Virginia Drosos (Virginia Drosos).
The project launch is scheduled for the end of 2018. As reported by De Beers, each diamond is registered in the system is assigned a unique ID code that contains information on weight, color and transparency of the stone, — all necessary features are combined in the database.
It is worth noting that De Beers, the mining 1/3 of all the world’s diamonds, in the beginning of may announced that the company has managed to track supply chain 100 expensive diamonds. In turn, the market leaders commended the work of the company, recognizing the undeniable benefits of technology when it comes to improving transparency in the industry.
“Technology has made a significant contribution in enhancing transparency in the diamond industry. Initiatives that use the blockchain, you can even more move forward with this process,” said Amit Bhansali (Amit Bhansali), the managing Director of one of the world’s largest jewelry manufacturers Rosy Blue.
Indeed, this new aspect of the use of technology reaffirms the importance of the blockchain as solutions that can change the usual and solve many problems. Even avid bears and critics of the cryptocurrency acknowledged that the blockchain can transform the healthcare industry, banking, supply chain management and industry entertainment.
Perhaps that is why “tight wallets” such as the Rockefeller family, has invested in blockchain startups through his venture capital company Venrock, considering these investments as a long-term investment.
