Authenticity of diamonds through Blockchain

Hong Kong Jewelry Company "Chow Tai Fook" together with the Gemological Institute of America (GIA) announced the development of an application with the integration of Blockchain-technologies, which allows to confirm the authenticity of the origin of precious stones.

Thanks to Blockchain and the friendly application interface, the process of authenticating jewelry stones is as simple as possible for beginners.

Send Bitcoin to wallet

How does it work?

When a gemstone is released to the market, the producer enters information about the stone in the Blockchain registry, so information about the stone is fixed forever.

It is not yet clear how exactly to confirm the origin of the stone and the entry in the register, because based on open data, you can fake the cutting of real stone.

However, the developers claim that the technology is also reliable, like Bitcoin transactions. Recently, the well-known diamond company De Beers has gone further and started implementing blockchain-processors, which will allow making changes to the database every time the owner of the gem changes. Most likely this is just a marketing move, since the real application of technology is impossible without international legislative regulation.

Who needs this technology?

It's no secret to anyone that a lot of thefts of precious stones occur around the world. There are cases when the theft led to socio-political consequences:

  • illegal mining of natural resources

  • financing of criminal activities

  • extremism (crimescalled"BloodDiamond")

 

Thanks to new technology, it will be possible to track and combat illegal mining and sales of precious stones around the world, because the confirmation of ownership of the diamond occurs online.

Who will control the data entry in the registry is not clear. Most likely, control over the registry will be transferred to the state.

And what about trust?

Despite the theft and illegal mining of diamonds, there are other illegal operations with stones - the production of synthetic polymers for the manufacture of fake diamonds. De Beers has been fighting for many years with counterfeiting manufacturers.

Most likely, this news is another information service paid by De Beers to create a positive public opinion. Balom, as Masons and reptiloids are known to rule, but we will not know the truth.

Blockchain technology allows you to significantly simplify life in many areas - this quality will be appreciated in the near future.