De Beers is investing in an asset tracking platform based on blockchain technology.

“We are investing in a new platform that will provide a single, immutable record that traces a diamond’s individual journey through the value chain,” said De Beers.

The blockchain platform will provide a tamper-proof and permanent record of transactions while preserving the privacy of participants.

“Once established, the blockchain will operate as a shared platform, on top of which a range of solutions could be built.”

The company did not state whether the blockchain will be a private platform or based on an existing public blockchain.