The Blockchain vs Blood Diamonds

Bitcoin is so 2017. Even though Bitcoin was the first application built on the Blockchain, the uses for Blockchain technology go WAY BEYOND cryptocurrency and include tracking the chain of ownership of artwork, the sustainability of food and even whether or not a diamond was ever in the hands of the wrong people. Leonardo DiCaprio should be happy.

South Africa’s De Beers Group, the world’s biggest diamond producer, is testing a new Blockchain platform, called Tracr, which it says effectively tracks high-value diamonds along it’s lifecycle using an “immutable and secure digital trail…from the mine to cutter and polisher, then through to a jeweler.” With Tracr, customers can buy diamonds with confidence that they are genuine, natural, and conflict-free. We think that’s pretty cool.