Lucara Diamond to use blockchain technology to modernize the diamond industry

Lucara Diamond, a Canadian diamond exploration and mining company that will use blockchain technology to modernize the diamond industry, has appointed a new CEO, the Financial Times reported.

New CEO Eira Thomas will recently acquire Clara Diamond SoluTIons for $290,000. According to US media reports, Clara is a digital platform that mainly utilizes cloud computing and blockchain technology.

Lukas Lundin, President of Lucara said:

“We believe that Clara will not only modernize the entire diamond sales process, but also bring additional value to all players in the diamond market.”

Blockchain systems are increasingly being used in supply chain management as they can significantly improve their transparency by streamlining the process with a permanent record of every transaction on the blockchain.

Lucara’s move to blockchain comes a month after De Beers, one of the world’s largest diamond producers, launched a blockchain pilot program that uses the supply chain to track diamonds to ensure each diamond is conflict-free.