Traceability of diamonds will pass through the blockchain to avoid scams
As reported by the Indian Express, a new method to avoid fraud on the evaluation of diamonds has been developed by a group of scientists. This new system is based on the blockchain and allows traceability, ensuring the origin of natural diamonds throughout their history.
The method, developed by experts from the Russian National University of Science and Technology, will protect natural diamonds, which are among the most valuable assets commercially available.
The goal of this startup called Bit Carat is to create an asset backet token that allows the trade of certified and safe diamonds through traceability using the blockchain.
Currently, on the market one can find natural diamonds, fake diamonds and synthetic diamonds. Synthetic diamonds have the same physical and molecular characteristics as natural diamonds, but they are human-made and do not take 3 billion years to form like natural diamonds.
University.it has reported the article from cryptonimsit.ch