IBM has recently reunited with a consortium of companies from the gold and diamond industry to create a new project that was announced last week: TrustChain, which will be powered by the IBM Blockchain Platform.
This new initiative has been made to create a blockchain that could be used to track finished pieces of jewelry across supply chains, which could help to increase transparency and to avoid selling fake jewelry.
The members of the consortium include important companies like Helzberg Diamonds, UL, Richline Group, LeachGarner and Asahi Refining. Richline Group’s CMO, Mark Hanna, has released a statement in which he explains that this is a move to raise the collective accountability of the whole jewelry industry.
How Will Jewelry TrustChain Initiative Tracking Work?
TrustChain will be the first initiative of its area, something that is becoming increasingly rare in the blockchain market. It will mix IBM’s technology with verification and governance made by third-party organizations.
This initiative will use an immutable ledger, so after a jewelry piece is authenticated, it will remain there forever and this can only be done by the people who have the right permissions. Anyone will be able to check the authenticity of the jewelry, though.
Will TrustChain Change The Jewelry Industry?
Somewhat, yes, but not drastically. As it does not really change anything in the process of making jewelry, TrustChain’s effect on the industry is more focused on logistics. Now it will become easier for the companies to use the blockchain technology to prevent fraud and to locate their jewelry at any time, which gives them considerably more resources but also more responsibility.
The TrustChain is already in development and it will probably be released by the end of 2018.