Today IBM announced the formation of the TrustChain consortium of gold and diamond industry players. The purpose of the blockchain initiative is to trace the provenance of finished pieces of jewelry for increased transparency.
Initially, the project will track six styles of engagement rings. The plan is to make the information available to consumers in retail stores by the end of the year.
Apart from IBM, the participants are Asahi Refining (precious metals refiner), Helzberg Diamonds (U.S. jewelry retailer), LeachGarner (precious metals supplier), The Richline Group (global jewelry manufacturer) and UL (independent, third-party verification).
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
