Alrosa is the world’s largest producer of raw diamonds, and only De Beers comes close in terms of quantity and carat value of diamond production. In a bid to cut costs and prevent diamonds from going missing, it’s decided to team up with De Beers and put its diamonds on a blockchain.
By being able to instantly track any diamond in the production line, Alrosa hopes to be able to prevent diamonds from going missing and cut down the supply chain timeframe. In addition to these benefits, consumers will be able to verify their diamonds using a block explorer and a special private key that will be laser etched into each diamond.
Tracr to the Rescue
Alrosa has teamed up with Tracr – a blockchain startup that focuses on tracing diamonds. Tracr is a subsidiary of the De Beers group and has been working on building its blockchain since mid-2017. De Beers successfully traced a diamond from mine to sale on May 10th 2018, and Alrosa is hoping to complete its first trace before the end of the year.
De Beers Leading the Way
De Beers has a world-renowned pedigree in the diamond world, and it’s only fitting that it’s pioneering this new technology in the industry. Back in July, Richemont – a subsidiary of the De Beers group – started adding its diamonds to the Tracr blockchain, making the tracing process much simpler. Interestingly, Marks Jewelers – another subsidiary of De Beers – has also begun accepting cryptos in its stores, being the first high-street jeweler to accept cryptos.
Gold Hitting the Blockchain
It isn’t just diamonds getting the blockchain treatment, gold is finally getting its own blockchain for tracking. The US government has noted a significant increase in the amount of gold being smuggled into the country and it’s now looking to curtail this figure. By placing gold on a blockchain, it hopes to be able to track and trace the world’s supply and stores of gold to ensure none is moved illegally. It will also ensure that everyone pays the correct importation fees.
Lettuce is on a Blockchain
You read that right, Walmart is developing a blockchain specifically for its lettuces – and all other produce for that matter. Following the E. coli outbreak this year, Walmart wants to be able to trace lettuce back to the farm within seconds, rather than weeks. This process will help save lives and prevent good lettuce from being destroyed over fears it could be contaminated.
Blockchain technology is being used around the globe by a number of industries to make tracking items faster, safer, and more secure. The advantages of blockchain technology are almost limitless, and companies are slowly starting to make the shift.