Though we are surrounded by technologies in almost every aspect, we are still not that advanced when it comes to the jewelry industry. If someone wants to know the details about a particular jewelry item that was purchased, the person needs to go through several complex stages.
To make this process smooth and hassle-free, gold and diamond industry leaders are ready to form a fraternity. If the latest reports are to be believed, this fraternity will be using IBM’s blockchain technology in order to make the jewelry supply chain more crystalline. Talking about the supply chain, it consists of multiple entities. Miners, geological scientists, certifiers, regulars, shipping managers, wholesale suppliers, designers, and retailers are all included in the supply chain.
As the network is so huge it is not possible to maintain a detailed copy of each and every station. It may also happen that the jewels and precious gems and are getting changed by imposters within the network. Hence forwarding the actual information to the buyer becomes a pretty hectic job.
The idea of using the blockchain technology came to everyone’s mind because of the continuously updated records of transactions are shared all over the network, irrespective of the network size. Everledger, a global start-up which assists bank, insurers to reduce risk and fraud, conducted a survey where over 1.6 million diamonds were identified by their unique characteristics through the blockchain.
Prominent jewel companies like Asahi Refining, Helzberg Diamonds, LeachGarner, Richline Group, Rio Tinto and Underwriters Labs are joining hands with IBM, particularly with TrustChain, a new initiative from the IBM Blockchain platform. This new Consortium of Jewelry will be collaborating with Blockchain technology and can be also used to ensure the authenticity of the jewels and data. All the consumers who are associated with this blockchain network can easily extract information about a piece of jewelry.