IBM and a group of gold and diamond industry companies have announced the creation of “the first cross-industry initiative to use blockchain to trace the provenance of finished pieces of jewelry across the supply chain for increased transparency”, according to a press release.
The initiative, called TrustChain, is powered by IBM and is launched by Asahi Refining (precious metals refiner), Helzberg Diamonds (US jewelry retailer), LeachGarner (precious metals supplier), The Richline Group (global jewelry manufacturer) and UL (independent, third party verification).
According to the announcement, “the TrustChain Initiative tracks and authenticates diamonds and precious metals through every stage of the supply chain as it becomes a piece of finished jewelry”. Initially, TrustChain is tracking six styles of diamond and gold engagement rings on the blockchain network. By the end of 2018, TrustChain™ jewelry is expected to be accessible to consumers in participating retail stores.
