Tencent’s partnership with blockchain-based e-commerce project

Tencent’s partnership with blockchain-based e-commerce project

Tencent, the operator of Chinese social media app WeChat has partnered  with the world’s largest Diamond mining firm on a new blockchain based e-commerce project. 

According to a blog on the 16th of December, Tencent and Alrosa will launch a new diamond focused retail mini program targeted at WeChat’s one billion active users, together with blockchain platform Everledger.

With a joint statement, the three represented firms said that the program aims to improving transparency and consumers trust across the diamond supply chain,enabling the social media users to acquire diamonds with full knowledge of their origin, ownership history and characteristics.

Three firms claim that the mini program can help Chinese jewelry manufacturers and retailers to increase the trust in their brand and also differentiate themselves amid a highly competitive market.  The bait is that consumers have access to an immutable blockchain ledger that accurately reflects the histories if each diamond. 

Alrosa  promised to provide full information on their diamonds’ extraction Russia, that way providing users with a more reliable measure for the sustainability and “ethical footprint ” of their purchases.

As a blog reported, Alrosa has a long history of collaborating in blockchain industry. 

Back in the days if May 2018, the firm partnered with KGK Diamonds and also blockchain start up D1 Mint to tokenize diamonds.  It’s joined by a pilot of the diamond supply chain blockchain platform Tracr, in line with the industry giants and former monopoly De Beers. 

The platforms aim at assuaging consumers concerns in regards to both the authenticity and conflict free status of diamonds ,that is  the stones have not been mined in war zone or traded to an illicitly fund combat. 

Tracr was initially developed by De Beers  in conjunction with other industry leaders such as Diacore, KGK, Diarough, Rosy Blue NV and also Venus Jewel. 

Between the two of them, De Beers and Alrosa are estimated to produce roughly half of the global supply of  diamond.

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