A technology giant IBM plans to launch a platform on blockchain to track supply chains in the future. Representatives of the jewelry industry will also work on the idea.
The retail network Helzberg Diamonds and jewelry manufacturer Richline Group are involved in creating the project. The owner of these two companies is the American billionaire Warren Buffett. The project involved Asahi Refining and LeachGarner, as they specialize in the supply of precious metals, as well as the company UL, a product quality inspector.
TrustChain will track and authenticate diamonds and precious metals throughout the supply chain: from the mine to the retail store. The first stage of tracking is still the verification of gold engagement rings decorated with diamonds, in the six most demanded designs. However, the expected release will appear on virtual shopping windows only by the end of this year. Over time, the company will expand the range of other jewelry.
About 66% of consumers from all over the world spend big sums of money on expensive products, which belong to the world’s leading brands, IBM notes, referring to the data collected during the Nielsen’s research in 2015.
“This initiative is important for our industry as we seek to raise the collective responsibility and provenance practices to new heights. 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 Group’s Chief Marketing Officer.
The first information that the diamond mining giant De Beers started creating a platform on blockchain appeared at the end of last year. Currently, developers have already started testing the platform, which will be launched at the end of this year.