Diamond Trade Turns to Technology That Keeps Bitcoin Anonymous
- De Beers plans to use blockchain ledger for diamonds this year
- Could expose fakes, conflict diamonds while preserving secrecy
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The world’s biggest diamond producer is turning to the technology behind bitcoin to track gems from mine to retailer.
De Beers is running a pilot scheme using blockchain to create a virtual ledger of diamond sales. The technology made famous by the cryptocurrency is also seen as having the potential to reshape industries from finance to retailing. It will enable De Beers to show transactions to all participants while keeping their identities and the value of the sales hidden.