Bitcoin, Blockchain & Cryptocurrency News

Russia to Combat Counterfeit Diamonds through Blockchain Technology

A January 30, 2019 report announced that the Russian Ministry of Education and Science has developed a blockchain-based platform to track the production of diamonds to ensure authenticity.

New Mining Operations

Local media group TASS reported on January 30, 2019, that the Russian Ministry of Education and Science has developed a diamond-tracking platform for the precious stones and metals industry.

The purpose of the platform is to ensure the authenticity of the diamonds and tracks the entire production process from the extraction of the diamond to the delivery to the final consumer.

There is a grave need for this technology as the diamond market is filled with all sorts of products from natural diamonds to synthetic ones to outright fakes. The customer should know what they are paying for and the platform makes sure of this.

Russian startup Bitcarat is the firm behind the platform and works by assigning a digital code to each diamond in the system which is stored on a blockchain. This information is made available to interested parties at each stage of production and once the diamond changes hands, the change of ownership is also recorded. The use of blockchain prevents the data from benign tampered with or removed. Should there be any attempt to falsify information or edit the information stored, the system will trigger a breach alarm and inform the users of the attempt.

According to the report, the platform is now looking into attracting investments in the next few months.

Blockchain of Authenticity

One of the biggest benefits of blockchain technology is its security in storing information. This has made it a favored technology for the logistics sector with firms such as IBM embracing its use.

It has also proved efficient in the tracking of products that go through the supply chain such as diamonds. In 2018, Alrosa, which is the world’s largest mining firm, joined a Blockchain platform backed by the De Beers’ corporation to track diamond mining operations.

This isn’t limited to diamonds either as there is even a blockchain platform to track the authenticity of artworks and wine production, industries in which buyers need to beware of fakes. Needless to say, any industry in which a product goes follows a supply chain and could be falsified stands to benefit from the use of blockchain.

Published by
Tokoni Uti

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