Alrosa, the world’s largest diamond mining firm from Russia, has partnered with Tencent, the operator of Chinese social media app WeChat, on a new blockchain-based e-commerce project.
Together with Everledger, a blockchain platform, Tencent and Alrosa will launch a new diamond-focused retail mini-program targeted at WeChat’s one billion active users.
On December 16, it has been reported that in a joint statement, the three firms said that the program aims to improve transparency and consumer trust across the diamond supply chain by enabling social media users to purchase diamonds with full knowledge of their origin, characteristics and ownership history.
However, the three firms claim that the mini-program can help Chinese jewelry manufacturers and retailers to increase trust in their brand and differentiate themselves among a highly competitive market. The impulse is that consumers have access to an immutable blockchain ledger that accurately reflects the history of each diamond.
Alrosa has pledged to provide full information on their diamonds’ extraction in Russia, thus providing users with a reliable measure for the sustainability and “ethical footprint” of their purchases.
As it has been reported, Alrosa has a long history of collaborations in the blockchain industry. Back in May 2018, the firm partnered with KGK Diamonds and D1 Mint, a blockchain startup, to tokenize diamonds. It also joined a pilot of the diamond supply chain blockchain platform Tracr, together with De Beers, the industry giant and former monopoly.
Likewise, such platforms aim to assuage consumer concerns in regard to both the authenticity and conflict-free status of diamonds, i.e. the stones have not been mined in a war-zone or traded to illicitly fund combat.
Thus, De Beers and Alrosa are estimated to produce roughly half of the global supply of diamonds.
Source: eng.alrosa.ru | cointelegraph.com
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.