Using the emerging IT technologies and blockchain, the new platform aims at protecting traders from losing their hard earned money to synthetic diamonds as well as artificial stones in the diamond market, reports TASS.
Minobrnauki has mentioned that Russian start-up Bitcarat.com, established by graduates of Russian MISIS Technical University and the National Research University, has built the technology. Russia’s Ministry of Education and Science elaborated that every diamond is tagged with a new a digital code that is uploaded and shared on a distributed ledger among all chain participants.
The system also enables monitoring and saving ownership transfers and ensures full protection against infringement of security data. Minobrnauki stressed that the fundamental blockchain principle will enable the platform to track all dealings, including any feeble attempt to modify code that instantly signal manipulation.
The Ministry added that the developers involved in the project are planning to invest in the coming year. Russia’s Alrosa, the world’s largest diamond mining company, joined the trial that was started by the world’s largest diamond miner De Beers.
The trial of the blockchain-based diamond supply chain platform began in October 2018. Earlier in 2018, Chow Tai Fook Jewelry Group, a Hong Kong based Jewellery seller, also unveiled a diamond tracking platform built by Everledger, a blockchain startup, and safeguarded IBM Blockchain Platform.