Major diamond mining company, Berkshire Hathaway, Asahi Refining, Richline Group, LeachGarner, Helzberg Diamonds, as well as providing services in the field of safety by UL in conjunction with IBM to develop a blockchain-based platform for tracking the origin of jewelry.
The joint initiative, named TrustChain aimed at simplifying for consumers the ability to control the movement of diamonds and precious metals at different stages of the supply chain – from extraction to their transformation into finished jewelry.
«The technology of the blockchain allows you to create records and update the data, which would eliminate counterfeiting at a new base or breaking it» – say the participants of the project.
According to the Director of marketing at Richline Group Mark Hanna, the company tried to create a similar database using various technologies, but to do it you had to manually, which was considered quite laborious and was accompanied by inaccuracy in the information posted. Then there’s the blockchain.
Platform TrustChain tested last week – representatives of companies with its help, traced the origin of the diamond ring. It is planned that it will start working by the end of 2018. The original track will be six models of wedding rings.