MENU

Blockchain network tracks jewelry ‘from mine to retailer’

Blockchain network tracks jewelry ‘from mine to retailer’

Market news |
By Rich Pell



The consortium – including Asahi Refining, Helzberg Diamonds, LeachGarner, The Richline Group, and UL – are launching the TrustChain Initiative, which will track and authenticate diamonds, precious metals, and jewelry at all stages of the global supply chain, “from the mine to the retailer.” TrustChain will be powered by the IBM Blockchain Platform, delivered via the IBM Cloud.

“This initiative is important for our industry as we seek to raise the collective responsibility and provenance practices to new heights,” says Mark Hanna, Richline Group’s Chief Marketing Officer. “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.”

TrustChain will initially track six styles of diamond and gold engagement rings on the blockchain network. As the program develops, the consortium says, TrustChain jewelry is expected to be accessible to consumers in participating retail stores by the end of 2018.

“Consumers care deeply about the quality and source of the jewelry they purchase,” says Bridget van Kralingen, IBM Senior Vice President, Global Industries, Platforms and Blockchain. “This is evidenced by the fact that 66% of consumers globally are willing to spend more to support sustainable brands. TrustChain is an example of how blockchain is transforming industries through transparency and viable new business models that specifically benefit the consumer.”

The initiative tracks and authenticates diamonds and precious metals through every stage of the supply chain as it becomes a piece of finished jewelry, providing digital verification, physical product and process verification, and third-party oversight. For consumers, says IBM, TrustChain establishes a trusted product with documented provenance and brings together quality assurance, social and environmental responsibility, and authenticity spanning the entire jewelry ecosystem – from miners, manufacturers, wholesale suppliers and retailers – on a single digital platform.

IBM Blockchain

Related articles:
IBM: Blockchain can track pot from ‘seed to sale’
IBM, Maersk blockchain platform to digitize global trade
Blockchain, IoT underpin new supply chain platform
U.S. explores blockchain for govt-issued credentials, patents
Blockchain data network proposed to share manufacturing data

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News

Share:

Linked Articles
10s