Russian Education and Science Ministry has introduced a blockchain-enabled platform for tracking natural diamonds, government-backed news agency TASS reports.

The diamond tracking technology claims to fully guarantee the authenticity of diamond products across all the supply chain, from extraction and polishing to the final owner.

In Oct, 2018, the largest global diamond mining firm – Alrosa, joined the pilot of fellow industry giant De Beers blockchain-based platform for the diamond supply chains.

Based on emerging blockchain technologies the new system intends to prevent market participants from losing their financial assets since the diamond market has both natural and synthetic diamonds, as well as fake stones, TASS reports.

This technology has been developed by Russian startup Bitcarat.com, which was founded by graduates of the Russian technical university MISiS & the National Research University.

Education Ministry explained that in the new system’s process, each diamond acquires a digital code that is recorded on a distributed ledger & shared between all the participants of the chain.

This system also allows for the recording & tracking of the history of transfers of ownership, & reportedly guarantees protection from security data breaches.