IBM uses blockchain to identify diamonds and gold authenticity

Blockchain is increasingly used in production and process tracking. IBM and a number of precious metals companies have joined forces to implement the blockchain platform TrustChain IniTIaTIve, tracking diamonds and gold producing areas and finished products, increasing the transparency of the supply chain and making it easy to judge the true nature of precious metals. Pseudo.

According to reports, the partners joining TrustChain IniTIaTIve include precious metal refiner Asahi Refining, US jewelry retailer Helzberg Diamonds, precious metal supplier LeachGarner, global jewelry manufacturer Richline Group and third-party verification manufacturer UL.

IBM uses blockchain to identify diamonds and gold authenticity

The project uses the IBM blockchain platform and IBM cloud services. TrustChain has now tracked six styles of diamonds and gold engagement rings. It is expected that consumers will be able to browse the mining sites of specific jewellery and the entire supply chain when visiting jewelry stores by the end of 2018.

Jason Kelley, general manager of IBM Blockchain Services, points out that the service is expected to share information across the blockchain across mines, refiners, and retailers. The above-mentioned manufacturers are early participants and it is expected that more players will participate in the event. At every step of the supply chain, TrustChain manages the entire complex precious metal production process, enabling consumers to easily track through a single platform and benefit the industry and consumers.

In addition to jewelry, IBM has applied similar blockchains to Wal-Mart's food supply chain. Kelley revealed that it took up to seven days to track a product, and now it can be done in a matter of seconds. When it comes to future applications, Kelley believes that blockchain can be used in any product category that requires transparency and trust.

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