Russia’s Ministry of Education Launches Blockchain-Based System To Track Diamonds
A new Russian diamond tracking technology has been introduced by the Russian Ministry of Education and Science (Minobrnauki). Based on distributed ledger technology (DLT), the platform tracks natural diamonds.
As reported by the government-backed news agency TASS on Jan. 30, the blockchain-based platform will track diamond products across all the supply chain, from extraction to polishing to the final owner. Furthermore, the authenticity of the products are fully guaranteed via the new system.
The publication elaborated that the system aims to prevent the loss of financial assets, as the diamond market is filled with natural, synthetic diamonds and fake stones.
Tracking the Diamond
According to Russia’s Ministry of Education and Science, each diamond will be given a digital code that is recorded on a distributed ledger and shared between all the participants of the chain. The system will also record and track the history of transfers of ownership, and reportedly guarantees protection from security data breaches.
They emphasize that blockchain’s basic principle will enable the system to trace all the transactions, including any attempt at editing the code that will automatically signal a falsification. Minobrnauki states that the technology has been developed by Russian startup Bitcarat.com. The startup was founded by graduates of the Russian technical university MISiS and the National Research University.
The developers of the system will be looking for investments in the coming year, as mentioned by the ministry. In October 2018, Russia’s Alrosa, the largest global diamond mining firm and a fellow industry giant De Beers’ collaborated for a blockchain-based pilot program for diamond supply chains.
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