The diamond industry is working on blockchain-based solutions to combat the growing problem of fake and unethically-sourced diamonds in a bid to improve transparency and confidence in the sector. Oxford University spin-out Opsydia has developed a method for lasering tamper-proof tiny security codes underneath the surface of a diamond, which can be used to authenticate and track diamonds. Opsydia has sold its laser devices to De Beers, which has developed the Rare Carat platform to track diamonds. Other blockchain-based initiatives in the industry include Tracr, which uses algorithms to predict the price of a diamond.
The diamond industry is working on blockchain-based solutions to combat the growing problem of fake and unethically-sourced diamonds in a bid to improve transparency and confidence in the sector. Oxford University spin-out Opsydia has developed a method for lasering tamper-proof tiny security codes underneath the surface of a diamond, which can be used to authenticate and track diamonds. Opsydia has sold its laser devices to De Beers, which has developed the Tracr platform to track diamonds. Other blockchain-based initiatives in the industry include Rare Carat, which uses algorithms to predict the price of a diamond.