TrustChain

2018: IBM uses a blockchain for tracking of authenticity of diamonds and jewelry

The IBM corporation in partnership with consortium of leaders of the gold and diamond-mining industry announced on April 26, 2018 start of a joint cross-industry initiative of TrustChain which will allow to keep track using blockchain technology of origin of ready jewelry on all supply chain for increase in transparency.

Among project participants - the Asahi Refining company which is engaged in a refining of precious metals, the American network of jewelry stores Helzberg Diamonds, the supplier of LeachGarner precious metals, the producer and the distributor of jewelry products of Richline Group and also independent laboratory on compliance to the UL standards. Using the IBM Blockchain blockchain platform, access to which is provided through a cloud service of IBM Cloud, they will be able to create and update records about origin and the movement of precious metals and stones.

Mining companies were included into a blockchain project of IBM on tracking of diamonds

As reported in the joint press release, at the initial stage of TrustChain will allow to trace six models of wedding rings with diamonds. In process of development of the program service will become available to buyers of jewelry participating shops by the end of 2018.^[1]

Due to use of technology of the distributed registers (Distributed Ledger Technology, DLT) TrustChain will give the chance to keep track of origin and to make sure of authenticity of diamonds and precious metals at all stages of the movement on a supply chain, from production on the field before processing at the enterprises and receipts in the form of jewelry in shops.

Besides, the initiative of IBM will give to consumers more confidence that the jewelry purchased by them is not knit with "dirty aspects of trade", such as corruption, terrorism financing, slave trade and other human rights violations, Jason Kelley, the general manager noted in an interview to the CNET edition a blockchain services of IBM.^[2]

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