[Article in english]
Start-up iTraceiT joins hands with the trustworthy blockchain network Logion
Belgian start-up iTraceiT, creator of the world’s first digital diamond passport, has secured another first. It has added a layer to its diamond tracking technology that can, if necessary, provide legal evidence in a court of law. To do so, iTraceiT has partnered with Logion, an independent international blockchain network based in Brussels and managed by Legal Officers.
The G7 wants an import ban on Russian diamonds into the United States, Canada, Japan, the United Kingdom, Germany, France, Italy and all other European Union countries. To that end, it is outlining a traceability protocol that all in the diamond sector will have to adhere to from next year onwards. That system should be legally conclusive by then, meaning that diamond traders can also expect sanctions if they fail to comply with the import ban. iTraceiT is the first company to introduce such a tracking solution adapted to this new reality.
Frederik Degryse, CEO of iTraceiT: « We were the first company to use a diamond passport to map every stage of a diamond’s life. With Logion’s public blockchain technology, we are now adding the ability to legally capture and document all those stages. An important element in this is that we do this without penalising players in the diamond industry. The legal stamp is neutral, yet conclusive in a court of law. In doing so, our passport addresses the economic reality which the G7 is creating in the diamond sector today. »
Belgian know-how serving traceability of global supply chains
In 2022, Belgian company iTraceiT launched its diamond passport, the very first in its kind, which details the full journey that diamonds take – from mine to jeweller. Regardless of the diamond’s size, value, rough or faceted and regardless of which part of the world they come from. In late August 2023, the start-up announced that the Walloon government is investing a quarter of a million euros in iTraceiT through the Wallonie Entreprendre investment fund, formerly known as ‘W.IN.G’. It is through this network that it connected with the team at Logion, developer of a pioneering blockchain platform that converts tokens into legal digital assets.
David Schmitz, executive founder of Logion: « Through our network, anyone, whether individuals or companies, can get Blockchain certificates guaranteeing digital assets. Those actions are carried out impartially and independently and under the accountability of Judicial officers as bailiffs, lawyers-notaries, notaries, etc. They check that everything has been done correctly and validate the certificates, for which they assume responsibility. In this way, we ensure that all the documents contained in iTraceiT’s diamond passport are legally bounded and that the certificate and the management of the underlying data comply with the applicable laws. »
iTraceiT’s software, combined with Logion’s legally verified certificates, is not just for use in the diamond sector. Blockchain and QR code-based technology can also be deployed for other precious metals and in many other sectors. Take, for example, the medical sector or the food industry.
iTraceiT is a Belgian software company founded by experts with more than 20 years of experience in various sectors. The company’s ambition is to offer industries in general, and the diamond and jewellery industry in particular, a robust, user-friendly and highly secure traceability solution. The software combines AI and blockchain to track any size diamond and any other product at all stages of the production chain.
More info on www.itraceit.io
Logion is a pioneering blockchain platform which transforms tokens into legal digital assets. By incorporating advanced blockchain technology with a robust legal framework, Logion ensures that tokens are backed by verifiable rights, obligations and real assets. Thanks to its unique Proof of Law concept, the platform guarantees the legitimacy and enforceability of tokens and bridges the gap between the digital and physical realms. Managed by a decentralized network of International and European Legal Officers, Logion is built on a secure blockchain infrastructure. Logion’s goal is to revolutionize tokenisation by making it transparent, reliable and accessible to all.
More info on https://logion.network/