Specifically, the new diamond tracking technology claims to guarantee the authenticity of diamonds, ensuring the diamond processing from mining and cutting to the end users.
The technology is developed by a Russian startup Bitcarat.com, founded by graduates of the Russian technical university MISiS and the National Research University.
To explain how the process of tracking diamonds works, Russia’s Ministry of Education and Science said each diamond was attached to a digital code that is entered into a distributed ledger and stored the information simultaneously with all market participants. The technology also provides a history of transfer of ownership to prevent security data breaches.
Blockchain will help guarantee the transparency of the process. Every action is recorded, so that any attempt to edit the natural diamond or change the chain will automatically be counted as a falsification.
The Ministry of Education and Science of the Russian Federation also added that the authors of the development are seeking investment to support this technology.