Leaders in the gold and diamond industry have partnered with IBM to develop a blockchain network for tracing the origin of finished pieces of jewelry, IBM announced in a blog post April 26.The TrustChain Initiative is partnership of precious metals refiner Asahi Refining, jewelry retailer Helzberg Diamonds, precious metals supplier LeachGarner, jewelry manufacturer The Richline Group, and independent verification service UL. The measure aims to provide increased transparency across the supply chain.
Based on the IBM Blockchain Platform and the Hyperledger Project, the initiative is designed to track and authenticate diamonds and precious metals from their place of origin to their retail location.
It provides "Digital verification, physical product and process verification, and third-party oversight," aiming to assure customers that their jewelry purchases are ethically sourced.
"Consumers care deeply about the quality and source of the jewelry they purchase. This is evidenced by the fact that 66 percent 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."
"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."
According to the announcement, the product will be available to jewelry consumers by the end of the year.
Earlier this year, Canadian gem-quality diamond producer Lucara Diamond purchased a digital platform, Clara Diamond Solutions, that uses blockchain technology to track the provenance of diamonds.
Canadian NGO Impact left the Kimberly Process initiative in January of this year.
The blockchain initiative from De Beers aimed to ensure that diamonds were conflict-free, but Impact felt that the program did not live up to its goals, saying that, "There's no meaningful assurance that a diamond is conflict free The public is under the wrong impression that the problem is solved."
Last month, soft drinks producer Coca-Cola teamed up with the US State Department and three other companies to launch a project that utilizes blockchain in order to address the problem of forced labor.
IBM And Jewelry Industry Leaders To Use Blockchain To Trace Origin Of Diamonds
pubblicato su Apr 26, 2018
by Cointele | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.