Mokgweetsi Masisi, the President of Botswana, just dropped some wisdom at ‘The Facets 2023’ conference, shedding light on how blockchain can be the superhero in ensuring transparent and ethical diamond sourcing.
Botswana, boasting the world’s second-largest diamond mining industry, has faced its fair share of flak for human rights violations, exploitation, and environmental concerns. Enter blockchain, the unsung hero of transparency.
Masisi’s Take
The President highlighted that blockchain’s decentralized ledger is like a truth serum for diamonds. It’s not just bling; it’s ethical bling. Masisi believes that blockchain can reassure consumers that the diamonds they’re rocking have been sourced with a moral compass.
African Dominance
Africa rules the uncut diamond game, dominating the top 10 producers. Botswana sits pretty at number two, right after Russia. But with great diamonds comes great responsibility, and blockchain is the ally they need.
Masisi Speaks the Truth
“Transparency and traceability are vital components in the assurances that we, as diamond-producing countries, must provide to our global customers. Blockchain technology, with its immutable ledger, can provide consumers with the guarantee that their diamonds have been ethically sourced,” said Masisi, dropping knowledge bombs at the conference.
Botswana-De Beers Dynamic Duo
Botswana isn’t just talking the talk; it’s walking the blockchain walk with De Beers, a diamond mining powerhouse. De Beers and Botswana are like the Batman and Robin of the diamond world, fighting for ethical mining practices.
Enter Tracr
De Beers’ platform, Tracr, is the real MVP. It’s the world’s first fully distributed diamond blockchain platform that covers the entire supply chain. Picture this: over a million rough diamonds registered at the source and 110,000 diamonds securely tracked at the manufacturer level. Tracr isn’t just a blockchain; it’s a tech superhero squad with AI, IoT, and top-notch security.
June 2023 Revolution
De Beers didn’t hoard this tech treasure. In June 2023, Tracr opened its doors to the wider diamond community. It’s not just for the big shots; it’s for anyone in the diamond game looking to level up their ethical sourcing game.
So, there you have it. Botswana and De Beers are rewriting the diamond industry’s playbook with blockchain. Next time you admire that sparkling rock on your finger, you might just have blockchain to thank for its ethical journey from mine to bling.
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