iTraceiT, a Belgium-based technology and service provider, has developed a comprehensive blockchain-based application for tracing diamonds, gemstones, and jewellery. The company has begun distribution after completing prolonged beta testing with some of the largest firms in the global diamond industry.
The iTraceiT application creates a unique, blockchain-supported QR code that records, stores, and reports all processes performed on diamonds and gemstones, keeping track of every action taken throughout the production process, i.e., from the rough to the finished piece of jewellery. Frederik Degryse, CEO, iTraceiT, said: “With iTraceiT, users can create and integrate a comprehensive, digital chain of reference for all their products. We’re confident that our application’s affordability, seamless integration into a company’s workflow, and ease of use will appeal to all, especially those hesitant about adopting a blockchain-based tool into their business management models. During our beta testing, the integration of the iTraceiT application into a company’s production process and business model proved easy and efficient.”