Alrosa, Tencent, Everledger Deliver diamonds on the Blockchain to WeChat

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The world's largest diamond mining firm, Russia Alrosa is working with Tencent, the operator of the Chinese language social media app WeChat, on a brand new blockchain-based e-commerce undertaking.

Along with blockchain platform Everledger, Tencent and Alrosa launch a brand new diamond-focused retail mini-program aimed on the one billion energetic customers of WeChat, in accordance with a December 16 press release.

In a joint assertion, the three firms mentioned this system goals to enhance transparency and shopper confidence within the diamond provide chain in order that social media customers should purchase diamonds with full data of their origins, traits and possession historical past.

Moral login particulars

The three firms declare that the mini-program will help Chinese language jewellery producers and retailers to extend confidence of their model and to face out in a extremely aggressive market. The temptation is that customers have entry to an unchanging ledger of blockchain that precisely displays the historical past of every diamond.

Alrosa has promised to offer full details about the extraction of their diamonds in Russia, giving customers a dependable measure of the sustainability and "moral footprint" of their purchases.

Diamond necklace

As Cointelegraph has reported, Alrosa has a protracted historical past of collaborations within the blockchain business. Again in Could 2018, the corporate partnered with KGK diamonds and blockchain startup D1 Mint to represent diamonds. It additionally joined a pilot of the diamond provide chain blockchain Tracr platform, along with business big and former De Beers monopoly.

Such platforms are meant to alleviate shopper considerations concerning each the authenticity and conflict-free standing of diamonds – that’s, the stones haven’t been mined in a warfare zone or are being traded to finance unlawful fight.

Tracr was initially developed by De Beers in collaboration with different market leaders equivalent to Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.

Amongst them are De Beers and Alrosa estimated to provide round half of the worldwide provide of diamonds.

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