Alrosa, the world’s largest diamond producer, has recently joined De Beers’ Blockchain based pilot project “Tracr” to foster industry confidence in diamonds’ provenance and quality. The platform will enhance the uniqueness of the diamonds by assigning them unique digital certificate powered by a Blockchain directory.

The main motive behind the merger is to reduce the issues related to ‘Blood Diamonds’. Mostly children in war areas are forced to extract diamonds, which are then sold to buy weapons for the armed groups. This illegal mining of uncut diamonds leads to exploitation and mass killings of people. To combat the same, Tracr blockchain initiative has been brought into the picture. Through it. users can come to know whether the diamonds they are about to purchase are illicit-free or not. This will result in the decrease of purchase of the illegal Blood Diamonds.

Moreover, Tracr also aims to increase trust of customers on the diamond supply. The platform assigns a unique digital certificate to each diamond, as per the report. These digital certificates record transactions and key attributes, which are immutable and easily discoverable. They can verify the entire transaction history of that diamond from a blockchain network at any time.

Regarding the same, Sergey Ivanov, CEO of Alrosa told media that the main motive behind joining this blockchain pilot project is to bring uniformity amongst all diamond producing companies and that achievable only by the mutual cooperation of other industries. Although, Tracr is the new blockchain pilot project of De Beers, the focus of the platform is to comply with the other existing regulations and schemes.