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.”

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

Binance,Binance USA,Launch,USA

Binance USA Opens It Doors To Traders

After months of build-up and uncertainty, Binance USA has officially opened its doors and is ready for users to sign up and enjoy their service. The news of its launch comes not a second too soon for traders, after the international platform closed its doors to US traders last week, following an update to its […]

19 September, 2019
Exmo,EXMO Coin,IEO,Updates

Exmo Announce IEO And Request Beta Testing Volunteers

After a fairly quiet period from Exmo, it is now clear to see why as today, they have announced details of a new IEO and a request for volunteers for stop order beta testing on September 26, 2019. The Summer months were busy for the Exmo team. July saw the announcement of a new partnership […]

18 September, 2019
Commission,Exmo,Payment Solution,Updates

Exmo Announce Commission Changes for AdvCash

Every now and then, we hear news from exchange platform Exmo about updates to their payment provider charges. This time they have made some updates to the commission on deposit and withdrawals for the payment service AdvCash. The largest exchange platform in Eastern Europe announced the news via a blog uploaded earlier today, so if […]

17 September, 2019
Exchange Platforms,KuCoin,Law,Listings

KuCoin Delist 5 Projects from their Exchange

As part of their Special Treatment Rule, KuCoin will be delisting a selection of crypto projects from their platform. The Special Treatment (ST) process sees certain coins remove from the platform due to being deemed to have negative or risky qualities associated with them. These qualities can range from the project not providing appropriate information […]

17 September, 2019
Appointment,BitPanda,Exchange Platforms,Updates

BitPanda Welcome New Chief Financial Officer

BitPanda has had an internal shake around and appointed Peter Grausgruber as their new chief financial offer. The news of the appointment was made earlier on their website, where the new man himself explained, “The focus of my career is to help companies grow”. Something he states will be at the head of his priorities […]

16 September, 2019
Binance,Binance Launchpad,Giveaway,Token Sale

Band Lottery Promo Available Now on Binance

Binance has announced a new lottery to users where they can win a $300 worth of tokens each! As we announced last week, the 9th Launchpad project from Binance of the year was confirmed by the exchange platform to be the Band Protocol. This had raised $3 million in seed investments from 3 different lead […]

16 September, 2019
Derivative Trading,eToro,Exchange Platforms,Updates

eToro Unveil New Programming Language To Assist Derivative Trading

The derivative trading platform, eToro has released a new programming language known as Lira, which aims to help simplify the process of for those who trade derivatives. It has been stated that Lira should help reduce risks involved in settling contracts and the creation of new derivative products from assets that are built on the […]

16 September, 2019
CoolWallet,Promotion,Wallets

For a Limited Time, You Can Get a Personalised CoolWallet S

Fancy getting yourself a Coolwallet with a personal touch? Then head over to  CoolWallet now and get yourself a customised wallet for you to store your crypto with your name on it. These new customised CoolWallet S cards are offered in a bid to make cryptocurrency investment more attractive to their users. And of course, […]

15 September, 2019