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.
Gold and diamond industry leaders are ready to form a fraternity to make this process smooth and hassle-free. If the latest reports are to be believed, this fraternity will use IBM’s blockchain technology to make the jewelry supply chain more crystalline. Talking the supply chain 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 impossible to maintain a detailed copy of each station. It may also happen that imposters within the network may change the jewels and precious gems. Hence forwarding the actual information to the buyer becomes a pretty hectic job.
The idea of using blockchain technology came to everyone’s mind because the continuously updated records of transactions are shared all over the network, irrespective of the network size. Everledger, a global start-up that assists banks, and insurers in reducing risk and fraud, conducted a survey where over 1.6 million diamonds were identified by their unique characteristics through the blockchain.
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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 also be 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.