A blockchain revolution to end opacity in the diamond industry. This is what the founders of the Belgian company propose HB Antwerp, who want to use the blockchain to shed light on the supply chain of what is one of the most valuable minerals in the world.
Its founders hope to set a new standard for diamonds by providing an end-to-end picture of the path each stone follows, from mine to consumer, while ensuring greater fairness for diamonds’ countries of origin. diamonds.
To achieve this, the company relies on blockchain technology and the Microsoft cloud, to create digital ledgers that reflect the history of each diamond, beginning with the place of origin of each gem and the precise place of excavation, following its evolution to as it goes from stone to brilliant diamond and from there to retail and into the hands of the buyer.
According to the founders of HP Antwerp, the final objective of this development is that the countries that extract diamonds are able to understand the value that their stones end up generating, while buyers can be more aware of their origin… counting for this with more than 3,000 verification points for each gem.
As explained by Microsoft, both companies have worked together to develop a blockchain ledger built on Microsoft Azure and an enterprise resource planning system using Microsoft Dynamics 365. The data for each diamond is stored on its own IoT device, essentially a mini-vault that cannot be opened without documenting that action in the ledger.
The data is then loaded into Power BI, Microsoft’s data visualization platform, to give governments and mining companies a real-time view of their diamond appreciation.
As the company finally points out, an essential part of HB Antwerp’s mission is to empower local communities to benefit from the diamond industry and have a greater role in its future. In Botswana, this has meant investing in the country, ensuring a fairer price for its diamonds and creating new opportunities for its inhabitants.
Examples of this are initiatives such as the new HB Antwerp Innovation Lab opened in Botswana in 2021 to train graduate students in engineering and technology, particularly women, for careers at its facilities there. In addition, HB Antwerp will soon open an academy in Botswana to train local diamond polishers.
