Blockchain-based diamond applet will go online? World's largest diamond mining company Alrosa and Tencent jointly develop

According to foreign media today, Russia's Alrosa, the world's largest diamond mining company, has partnered with Tencent to launch a new blockchain-based e-commerce project.

diamond-123338_1280

Source: Pixabay

According to a December 16 press release, Tencent and Alrosa will work with blockchain platform Everledger to launch a new mini program for diamond retail for WeChat's 1 billion active users.

The three companies said in a joint statement that the plan aims to increase transparency and consumer trust across the diamond supply chain and enable social media users to purchase diamonds with a full understanding of the source, characteristics and ownership history of the diamond.

Certificate of ethics

The three companies claim that this small program can help Chinese jewellery manufacturers and retailers increase trust and differentiate themselves in their competitive markets. Consumers are enticed to access an immutable blockchain ledger that accurately reflects the history of each diamond.

Alrosa is committed to providing complete information about its diamond mining in Russia, thus providing users with reliable measures to ensure the sustainability and "ethical footprint" of their purchases.

Diamond Industry Chain

As Cointelegraph reports, Alrosa has a long history of cooperation in the blockchain industry. As early as May 2018, the company partnered with KGK Diamonds and blockchain startup D1 Mint to tokenize diamonds. It also joined the diamond supply chain blockchain platform Tracr with the industry giant and former monopolist De Beers.

Such platforms are designed to ease consumer concerns about the authenticity and conflict-free status of diamonds-that is, they are not mined in a war zone or used to illegally fund conflict.

Tracr was originally developed by De Beers in collaboration with other industry leaders such as Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.

It is estimated that De Beers and Alrosa account for about half of the global diamond supply.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Research Firm Elliptic Uncovers Links between FTX Hack and Russian Attackers

New research from blockchain intelligence firm Elliptic suggests a possible connection between the FTX hacking incide...

Blockchain

Exchanges are temporarily withdrawing cash, data is garbled, or the Amazon server failure in Tokyo

According to Yahoo Japan, the Amazon Web service failed at around 13:00 on August 23, 2019. The service that failed w...

Blockchain

Eat Reason Rationally | Who is the real winner of the Steem incident?

Sun Yuchen VS Steem community was the most discussed topic in the industry last week. On February 14, Sun Yuchen comp...

DeFi

LK Venture Research Report | Telegram vs Twitter Who will dominate the super application race in the Web3 era?

Original author LeoDengSummary X and Telegram are globally renowned social media platforms that are exploring in the ...

Blockchain

Interpretation of wallet data: The exchange holds more than 12.4 billion mainstream currencies, who is the largest Holder?

QUICK TAKE The cryptocurrency exchange currently holds at least $12.4 billion in Bitcoin, Ethereum and USDT (Tether) ...

Blockchain

A major Brazilian bank announces closure of accounts on cryptocurrency exchanges

As a large commercial bank refuses to comply with the "Prevention of Cryptocurrency Exchange Account Closure&quo...