TrustChain is a joint initiative by the American multinational technology company IBM and a jewelry consortium. It has been formed with the aim of tracking the source of jewelry at all stages of the supply chain, using the blockchain technology.
TrustChain (a supply chain tracking platform) is supported by IBM’S authenticated Hyperledger Fabric blockchain.
Industry experts like the U.S. jewelry retailer Helzberg Diamonds, global jewelry manufacturer Hathway’s Richline Group Inc., precious metal supplier LeachGarner, and precious metal refiner Asahi Refining are all a part of the jewelry consortium supporting the logistics play. In the beginning, the project will allow all supply chain participants to verify if the jewelry is sourced ethically, ultimately allowing customers to authenticate the sources of transactions.
The GM of blockchain services at IBM, Jason Kelley gave a statement on TechCrunch, which reads:
“We have been working for quite some-time on this initiative which is being launched and presented worldwide. It’s the very first end-to-end industry capability on blockchain that has its core in trust.”
However, the jewelry industry has failed to maintain the required transparency with their current authentication system. In an attempt to create a similar kind of database, Richline group came up with a different technology but dropped the idea since it consisted a lot of labor-intensive work. On the other hand, with the implementation of the new blockchain technology, multiple parties can create and view the database in a streamlined fashion.
The Chief marketing officer of Richline Group, Mark Hanna said, “We have always been very excited with this prospect, however, it wasn’t with the right platform, then the blockchain came into the picture.”
Apart from gold and diamonds TrustChain also tracks finished goods. Initially, six styles of diamond and gold engagement rings would be tracked on the platform. According to a report by Reuters, TrustChain was used as the source to track down a diamond ring last week.
By the end of 2018, TrustChain will be available to customers, and within a year couples will be able to track the entire journey of their desired rings before purchasing.