No one likes buying a fake. That’s why the Gemological Institute of America (GIA) will be the first company to use IBM’s new Crypto Anchor Verifier blockchain technology to help evaluate and grade diamonds.
GIA said it will work with Hong Kong’s Chow Tai Fook to “create a permanent and immutable record for diamonds” from the jewelry retailer’s “T Mark” brand. The platform will begin in some of Chow Tai Fook’s Hong Kong stores before expanding to more of the chain’s locations at the end of the year.
GIA will use IBM’s Crypto Anchor Verifier to create that record. The Verifier can capture the optical signature from an original, uncompromised item and record it on the blockchain, thus verifying throughout the supply chain the item hasn’t been tampered with, according to IBM researcher Donna Dillenberger. Read more here.