Strong Usecase.... Why blockchain is a girl's best friend: Gem firms appoint tech guru to run digital ledger | This is Money
(thisismoney.co.uk)
Gem companies including De Beers have appointed a tech guru to run a digital ledger that ensures their sparklers are not fakes or blood diamonds.Jim Duffy, who previously worked at Oracle and at an artificial intelligence start-up company, will oversee a platform called Tracr that uses the tamper-proof blockchain technology associated with Bitcoin.
The system keeps records of individual gems tracking them from the mine to the jewellers. Each stone is given a unique identity code and hundreds of detailed characteristics – including weight, colour, clarity and cut – are recorded along with images.
The ledger has been funded by De Beers, part of the FTSE 100 Anglo American group, and is in a development phase with five other diamond companies.It is due to be launched across the industry in the coming months.
The system keeps records of individual gems tracking them from the mine to the jewellers. Each stone is given a unique identity code and hundreds of detailed characteristics – including weight, colour, clarity and cut – are recorded along with images.
The ledger has been funded by De Beers, part of the FTSE 100 Anglo American group, and is in a development phase with five other diamond companies.It is due to be launched across the industry in the coming months.