Gold and diamond companies including Berkshire Hathaway Inc’s Richline Group Inc joined hands with IBM to develop blockchain technology to track the origin and the source of the jewelry, Reuters reported. Read the latest IT news
Asahi Refining, metals refiner, Helzberg Diamonds, jewelry retailer, LeachGarner, metals supplier, Richline Group, jewelry manufacturer, and UL, a third party verification company, are part of the TrustChain Initiative.
TrustChain is tracking six styles of diamond and gold engagement rings on the blockchain network. TrustChain jewelry is expected to be accessible to consumers in participating retail stores by the end of 2018.
The TrustChain Initiative – powered by IBM blockchain — tracks and authenticates diamonds and precious metals through every stage of the supply chain. It provides digital verification, physical product and process verification, and third-party oversight.
TrustChain uses distributed ledger technology that establishes a shared, immutable record of transactions that take place within a network and then enables permissioned parties access to data in real time.
