Technology and consultancy giant, the International Business Machines (IBM) is understood to be in cooperation with a large group of enterprises related to diamond and gold jewelry supply chain. The alliance seeks to keep a track record of engagement rings during the entire process of creation, from the mine extractions to the moment jewels are at the retail counter, all by using blockchain technology.
IBM has announced that it’s working with leaders from the jewelry industry, specifically, diamond and precious metal jewel companies, to create a bridge between the two industries by deploying a supply chain tracking platform using the blockchain.
The initiative is operating under the name of TrustChain, a platform powered by blockchain and constructed on the hyperledger fabric. The project intends to simplify the tracking process of diamonds and precious metals in all of the stages the jewels pass by from mine to market.
The consortium unites a diverse group of companies from the jewelry sector. Among them, there is Helzberg Diamonds (one of the biggest US diamond retailers), the refiner of precious metals Asahi Refining, Richline Group (jewel manufacturer), the precious metals supplier LeachGarner, and UL, an independent third party verification firm.
TrustChain will commence operations by tracking six different styles of engagement rings made of gold and diamonds. Initially, only those six types will be saved on the system, but it is expected that as the project consolidates, other styles will be added.
Regarding the initiative, the general manager of blockchain services for IBM expressed that the TrustChain project involved various functions of the participating companies. He states:
“This is an organizational and business challenge. IT is 10% and 90% is pulling it together across the industry, “
The science behind TrustChain
- All jewelry, be it made of diamonds or precious metals, is codified and turned into a digital product and a verification process is deployed.
- Using distributed ledger tech based on the Hyperledger Project and IBM blockchain, the platform of TrustChain will create a communal record of all transactions.
- The precious metals and diamonds are checked and verified in every one of the steps they go through until becoming a jewelry piece.
- The independent third party UL provides verification and outsider supervision.
- Each consumer will receive a warranty of authenticity for the jewelry.
The TrustChain initiative is seeking to provide a vital service in the jewelry industry, deploying the latest technology and some great associations to make the mine-to-market jewelry process secure and tranparent.
The project will be available and open to the public at the end of 2018.