De Beers Group is deploying the Tracr™ blockchain platform at scale for its diamond production.
Tracr™ is the world’s only distributed diamond blockchain that starts at the source and provides tamper-proof source assurance at scale, enabling Sightholders to provide an immutable record of a diamond’s provenance, and empowering jewellery retailers to have confidence in the origin of the diamonds they purchase.
With more end clients wanting to know the source of the products they buy, the deep meaning associated with a diamond purchase requires a technological step-change to meet their expectations.
The introduction of Tracr™ at scale delivers immutable information on the source of De Beers’ diamonds across the value chain and makes source assurance for 100% of De Beers’ production possible.
The Tracr™ platform combines distributed ledger technology with advanced data security and privacy, ensuring that participants control the use of and access to their own data.
Each participant on Tracr™ has their own distributed version of the platform, meaning that their data can only be shared with their permission, and only they choose who can access their information.
The advanced privacy technologies used by Tracr™ reinforce data security on the platform. The immutable nature of each transaction on the platform ensures that the data cannot be tampered with when the diamond progresses through the value chain.
he decentralised nature of the platform ensures its speed and scalability, with the ability to register one million diamonds a week onto the platform. With centralised platforms, dealing with large volumes of data can cause bottlenecks, but the decentralised model used by Tracr™ avoids such issues and enables rapid scaling.
The scalability, speed and security of Tracr™ are combined into an intuitive user experience to support ease of use for platform participants.
First launched in an R&D phase in 2018 and named by Forbes as one of the world’s 50 leading blockchain solutions in both 2020 and in 2022, De Beers has already registered one quarter of its production by value on Tracr™ in the first three Sights of the year in preparation for this first scale release.
“Tracr™, which will enable the provision of provenance information from source to Sightholder to store on a secure blockchain, will underpin confidence in natural diamonds and represents the first step in a technological transformation that will enhance standards and raise expectations of what we are capable of providing to our end clients,” said De Beers Group CEO Bruce Cleaver.