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Saturday, April 28, 2018

Tracking Diamond Provenance with TrustChain

Readily understandable proposition in Fortune.

IBM Blockchain Is Tracking Diamond Rings Across the Globe
 By Jeff  John Roberts in Fortune 

Couples who pick out an engagement ring will soon be able to trace its history from the mine to the jewelry store. This is thanks to a global jewelry consortium using blockchain technology to create an indelible tracking system for the diamond and gold in six types of popular rings.

The project, announced Thursday, is known as TrustChain and involves precious metal suppliers, refiners and manufacturers working with the U.S. retail jeweler Helzberg Diamonds. TrustChain will use IBM blockchain tools to allow anyone in the supply chain—and eventually the customer—to verify the provenance of the rings.

The jewelry industry has long relied on certificates to show a gem is not counterfeit, or sourced from conflict zones. But the process is cumbersome, relying on a scattered series of records, many of which might be transcribed only on paper.  ... "

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