Bitcarat Creates a Blockchain Tracking System for Diamonds

Bitcarat Creates a Blockchain Tracking System for Diamonds

Russian blockchain-powered diamond exchange company Bitcarat has launched a new system to track diamonds from the mine to the customer according to a press release published by the news agency TASS.

The new system is backed by the Russian government and aims to guarantee the authenticity of each diamond, and its derivatives, across the whole supply chain. Russia’s Ministry of Education & Science explained the system in a press conference.

He also commented that this effort would fight against the replacement of natural rocks by synthetic diamonds.

With the new process, each diamond is assigned with a digital code that is recorded in a distributed ledger and shared with all participants in the blockchain platform from the mining to the customer, even in the case of reselling.

The project will be implemented by the largest diamond mining firm Alrosa and jewellers company De Beers.

Bitcarat, a Russian startup was founded by technical university MISiS graduates and the National Research University students.

According to its website, “BitCarat solves the issue of uncertainty in the market for stablecoins by introducing a diamonds-backed coin, TXD. The complex ecosystem includes two distinct tokens, digital diamonds exchange and digital diamonds bank allowing for creation of unique diamond futures.”

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