IBM and Jewelry Industry Form Partnership To Trace Origin Of Diamonds
IBM will be partnering with global industry leaders in the jewelry industry to create a cross-industry tracking platform for the supply chain of diamonds and precious metals. Powered by an IBM authorized blockchain built on Hyperledger Fabric, the TrustChain initiative will allow for the tracking of diamonds and precious metals as they move along the supply chain from mine to market.
Based on the IBM Blockchain Platform and the Hyperledger Project, the TrustChain designed to track and authenticate diamonds and precious metals from their original location to their retail location. This technology provides “digital verification, physical product and process verification, and third-party oversight,” which serves the purpose of ensuring customers that the jewelry they purchase is ethically sourced. Bridget van Kralingen, IBM Senior Vice President of Global Industries, Platforms, and Blockchain, stated:
- “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.”
By utilizing TrustChain, companies expect to have the ability to digitize all the processes involved in the sourcing up until the final sale of diamonds and precious metals. Richline Group’s Marketing Officer commented on the venture:
- “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.”
This isn’t the first time we see large companies using blockchain for ethical practices. Earlier this year, Coca-Cola partnered with the US State Department and three other companies to launch a project that makes use of blockchain to address the issue of forced labor. The project will utilize a distributed ledger to create a secure registry for workers and contracts.