IBM will work with a group of gold and diamond companies and an independent laboratory to build a blockchain for tracking diamonds, the companies said on Thursday.
Prompted by a new generation of customers asking for the provenance of their jewelry, the TrustChain Initiative will run on IBM’s blockchain platform in an effort to ensure precious stones and metals are mined and manufactured ethically. Storing supply chain data on the blockchain can also ensure authenticity and prevent fraud, according to an IBM blog post.
In addition to IBM, the consortium includes companies from different steps of the supply chain: Asahi Refining, U.S. jeweler Helzberg Diamonds, precious metal supplier LeachGarner, jewelry maker the Richline Group, and third-party verification service Underwriters Labs.
Initially, the network will track six styles of gold and diamond engagement rings. The group expects customers to be able to buy TrustChain jewelry from participating retailers by the end of the year. Read more here.