Service: System for Tracking Diamonds

Responsible organisation: Russia’s Ministry of Education and Science (Minobrnauki) (Central-Government)

Russia’s Ministry of Education and Science (Minobrnauki) has introduced a blockchain-enabled platform for tracking natural diamonds. The new Russian diamond tracking technology claims to fully guarantee the authenticity of diamond products across all the supply chain, from extraction and polishing to the final owner. Based on emerging IT technologies and blockchain, the new system intends to prevent market participants from losing their financial assets since the diamond market has both natural and synthetic diamonds, as well as fake stones. Russia’s Ministry of Education and Science explained that in the new system’s process, each diamond acquires a digital code that is recorded on a distributed ledger and shared between all the participants of the chain. The system also allows for the recording and tracking of the history of transfers of ownership, and reportedly guarantees protection from security data breaches.

Additional information

Source Open Innovation Regione Lombardia
Web site https://cointelegraph.com/news/russias-ministry-of-education-introduces-system-for-tracking-diamonds-via-blockchain
Start/end date 2019 -
Still active?

Related cases