DE BEERS INVESTING IN NEW BLOCKCHAIN PLATFORM
In a statement issued recently, De Beers CEO Bruce Cleaver has announced that the company is investing in new technology – a blockchain driven platform “that will provide a single, immutable record that traces a diamond’s individual journey through the value chain”.
Benefits for the Industry
This new platform, to be developed in consultancy with global industry leaders, will allow “for a highly secure digital register that creates a tamper-proof and permanent record of interactions”. The platform will create benefits for both buyers and sellers, according to Cleaver, since “participants can be confident that a transaction occurred, but safe in the knowledge that the sensitive data remains between them and their counterparty”.
Cleaver said that the move comes from the growing realization that “in a world of fleeting connections and disposable luxury, diamonds must stand for enduring value that is grounded in confidence”, including the notion that the diamond has been “responsibly sourced, confidence in its value and confidence that it is the real thing”.
He added that consumers expect to be provided this knowledge, more specifically, the route the diamond has travelled, its authenticity, and whether the diamonds they buy “have been a force for good in the world”.
Vision and Principles
He said that the new platform will adhere to these main values and principles: it will be respectful of the privacy of anyone who participates in the blockchain, without compromising on transparency; it will offer an accurate route of each diamond’s journey to ensure authenticity; the data will be highly-secured; and it will be “a shared resource for registered members of the diamond industry, benefiting all those who expect to buy and sell with confidence”.
Once the new platform is established, participants will be able build applications for various uses – “whether that’s as a trading platform, financial assurance tool or consumer-facing solution”.