IBM Introduces TrustChain, A Blockchain For Verifying The Jewelry Supply Chain
On Tuesday, IBM announced a collaborative with jewelry industry leaders to create a cross-industry – blockchain-based – supply chain platform. The platform – dubbed ‘TrustChain’ – is a permissioned blockchain built upon Hyperledger Fabric, which was created by the Linux Foundation in 2015.
TrustChain will be used to track diamonds and precious metals along the supply chain. Companies within the consortium are involved in every step of the supply chain, from the mine right to the store. The platform will start by tracking six types of gold and diamond rings on the system, providing greater transparency and trust within the industry.
The platform is poised to improve many aspects of the diamond and precious metal industry. By utilizing blockchain technologies, the supply chain becomes much more transparent; thus, preventing inhumane mining processes and eliminating counterfeit products. Furthermore, digitizing the paper-intensive processes makes the supply chain vastly more efficient.
TrustChain hopes to bring its jewelry to the market by the end of 2018. Once fully released, you will be able to scan a QR code on a diamond you’d like to purchase and see its entire supply chain history.