Tracing diamonds is now possible, from the mine to the Jewelry Store. IBM blockchain technology will allow consumers to see the journey their gem as made.
According to Fortune, buyers will now be able to trace the history of the gem they’re purchasing from the mine to the store, thanks to a global jewelry Consortium using blockchain technology. TrustChain wants to create a tracking system for diamond and gold in six types of popular rings. The project includes precious metal suppliers, refiners, and manufacturers working with the American company Helzberg Diamonds and uses IBM Blockchain tools to verify the origin of a gem.
The new tracking system will also substitute certificates to show a gem is not counterfeit, or originally from conflict zones, which will make a precious stone’s legitimacy a lot more clear. TrustChain will create a shared record on a blockchain ledger. From miners to shippers, companies will have to register every step of the supply chain. The ledger is transparent and consumers will be able to see where their gem has been.
According to IBM Senior Vice President of Industry Platforms, Bridget van Kralingen, consumers will be able to use this technology by the end of the year. In an interview with Fortune, she declared that Helzberg and its partners, supplier LeachGarner and manufacturer The Richline Group, want to extend this technology to the entire jewelry industry.
In fact, TrustChain is not the first initiative to apply blockchain to the jewelry industry, as startup Everledger is working with Diamond suppliers and has already registered more than 1.5 million gems. The special thing that TrustChain has is that they work with gold and final pieces of jewelry too.
IBM’s blockchain platform is based on a code called HyperLedger Fabric, and while the company is not the only one to introduce blockchain tech, Van Kralingen believes that the IBM blockchain tools will spread to several industries, as Maersk already uses the tracing program to track containers.
The blockchain is truly opening the world to a variety of ethical possibilities, and this IBM technology is one of the amazing tools to come, allowing consumers to make informed and ethical purchasing decisions.