Jewelry companies as well as Berkshire Hathaway Inc’s Richline Group Inc. have joined IBM (NYSE: IBM) to develop blockchain technology to trace jewelry origins and ensure it is properly sourced. “TrustChain” will allow consumers to track diamonds, etc. through multiple steps as they become complete pieces of jewelry.
Asahi Refining, Helzberg Diamonds, LeachGarner and verification provider UL. Blockchain is a shared database maintained by a network of computers connected to the web. Richline Group previous attempted to create a database similar using different technology but had too many inaccuracies, Mark Hanna, chief marketing officer of the company said in an interview.
“We were always very enamored with it but there wasn’t the right platform,” Hanna said. “Then along came blockchain.”
TrustChain was tested earlier this month to track the origins of a diamond ring across the supply chain. Other companies such as Anglo American’s diamond sector De beers said back in January that its goal is to create an industry wide blockchain to trace gems each time they change owners from the initial moment they are dug from the ground.
Another thing to note is that the adoption of blockchain can help simplify and reduce costs of some of the most tedious data processes. Supply chain management seems to intrigue businesses to view blockchain as the best solution as it can involve numerous parties while retaining a manual setup.