A Russian startup has come up with a solution to detect fake diamonds using blockchain technology. This tech can also be used to trace the diamond making process and supply chain.
According to TASS reports, A startup “Bitcarat” has come up with a technology for verification and tracking the diamonds. This company is backed by Russia’s education and science ministry.
This verification of the diamonds is done using the blockchain technology. This system is created in such a way where the whole process of diamond making from mining to the last owner of the diamond can be traced.
The startup team explained to TASS, Modern blockchain technology will be used to verify and trace the diamonds. Because in the system there are also fake diamonds so it will help to detect them.
Bitcarat team also said,
“This blockchain system will help protect the financial assets of market participants and fully guarantee the authenticity of the diamond”
How does this tracing diamond work?
When a diamond is extracted during this stage, the process starts it will be given a digital code. This code is entered in the blockchain database. This data is stored with all the people connected to it during the process.
After the diamond is read and to be sold then the transfer rights is also been stored on the blockchain database.
By using blockchain technology it protects from hackers and nobody will be able to modify/change the data.
This technology will be open to the public within a year. Sounds good because sometimes it’s hard to know the difference between fake diamond and real nowadays. And with this technology owner will be able to detect.
Let us know in the comment below what you think of about this fake diamond detecting technology.