Russia’s Ministry of Education Introduces System for Tracking Diamonds via Blockchain


0

Russia’s Ministry of Education and Science (Minobrnauki) has introduced a blockchain-enabled platform for tracking natural diamonds, government-backed news agency TASS reports today, Jan. 30.

The new Russian diamond tracking technology claims to fully guarantee the authenticity of diamond products across all the supply chain, from extraction and polishing to the final owner.

Based on emerging IT technologies and blockchain, the new system intends to prevent market participants from losing their financial assets since the diamond market has both natural and synthetic diamonds, as well as fake stones, TASS reports.

According to Minobrnauki, the technology has been developed by Russian startup Bitcarat.com, which was founded by graduates of the Russian technical university MISiS and the National Research University.

Russia’s Ministry of Education and Science explained that in the new system’s process, each diamond acquires a digital code that is recorded on a distributed ledger and shared between all the participants of the chain. The system also allows for the recording and tracking of the history of transfers of ownership, and reportedly guarantees protection from security data breaches.

Minobrnauki emphasized that the basic principle of blockchain will allow the system to trace all the transactions, including each attempt to edit the code, which will automatically signal a falsification. The Ministry added that initiative’s developers are planning to attract investments in the coming year.

In October 2018, the largest global diamond mining firm, Russia’s Alrosa, joined the pilot of fellow industry giant De Beers’ blockchain-based platform for diamond supply chains.

Previously in 2018, Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group had also introduced a blockchain-powered diamond tracking platform developed by blockchain startup Everledger and secured by the IBM Blockchain Platform.

Source : COINTELEGRAPH


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format