Blockchain has proved to be a useful approach to following the roots of jewels openly and safely. That is the reason IBM has framed a consortium of gold and diamond industry organizations to trace the whole inventory network for gems from the mines to the stores. IBM said the TrustChain Initiative would utilize blockchain to follow the provenance of completed bits of gems and give expanded transparency over the store network.
“We’re excited about this,” said Jason Kelley, general manager of blockchain services at IBM, in an interview with VentureBeat. “It’s not just one of these players. A miner. A refiner. A manufacturer. It’s each one of them. Now you have them working together and sharing data in a common blockchain for the enterprise.”
Asahi Refining, valuable metals refiner, Helzberg Diamonds, U.S. gems retailer, LeachGarner, valuable metals provider, The Richline Group, worldwide jewelry producer, and UL, free, third-party check, are propelling the TrustChain Initiative, fueled by the IBM Blockchain Platform and conveyed utilizing the IBM Cloud. TrustChain has just been used to track six styles of jewel and gold wedding bands. Later, customers will have the capacity to see data about the source and development of their jewelry.
TrustChain jewelry is relied upon to be available to buyers in stores before the end of 2018.
“TrustChain is an example of how blockchain is transforming industries through transparency and viable new business models that specifically benefit the consumer,” said Bridget van Kralingen, senior vice president for global industries, platforms, and blockchain at IBM. “Consumers care deeply about the quality and source of the jewelry they purchase.”
A blockchain is an unchangeable computerized record of transactions that empowers organizations with access to the framework to acquire trusted data.
“TrustChain is the first blockchain of its kind within our industry, designed as a solution that marries IBM’s leading blockchain technology with responsible sourcing, verification, and governance by third-party organizations, led by UL as the administrator,” said Mark Hanna, Richline’s chief marketing officer.