The world’s most significant diamond mining company, Russia’s Alrosa, has partnered with Tencent, the operator of Chinese social media app WeChat, on a new blockchain-based e-commerce project.
Together with blockchain platform Everledger, Tencent and Alrosa will launch a new diamond-concentrated retail mini-system qualified at WeChat’s just one billion lively consumers, in accordance to a Dec. 16 push release.
In a joint statement, the a few corporations claimed the application aims to boost transparency and customer have faith in throughout the diamond provide chain, enabling social media people to obtain diamonds with total understanding of their origin, characteristics and possession historical past.
The 3 firms claim that the mini-system can enable Chinese jewellery producers and suppliers to boost trust in their brand and differentiate by themselves amid a extremely aggressive market place. The lure is that individuals have access to an immutable blockchain ledger that precisely displays the heritage of just about every diamond.
Alrosa has pledged to offer full info on their diamonds’ extraction in Russia, hence supplying buyers with a reliable measure for the sustainability and “ethical footprint” of their buys.
As Cointelegraph has described, Alrosa has a very long record of collaborations in the blockchain industry. Back again in May perhaps 2018, the company partnered with KGK Diamonds and blockchain startup D1 Mint to tokenize diamonds. It also joined a pilot of the diamond supply chain blockchain platform Tracr, collectively with business huge and previous monopoly De Beers.
Such platforms intention to assuage shopper concerns in regard to equally the authenticity and conflict-free standing of diamonds — i.e. that the stones have not been mined in a war-zone, or traded to illicitly fund fight.
Tracr was at first formulated by De Beers in conjunction with other market leaders such as Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.
Amongst them, De Beers and Alrosa are estimated to create roughly 50 % of the world source of diamonds.