Blockchain seems to have a nearly infinite number of use cases, solving problem after problem. Like any supply chain, tracking jewelry from mine to merchant is a fragmented process, with information often lost along the way.

IBM has been developing Trustchain™, the first global blockchain initiative to bring full transparency to consumers. This consortium includes Asahi Refining (precious metals refiner), Helzberg Diamonds (U.S. jewelry retailer), LeachGarner (precious metals supplier), The Richline Group (global jewelry manufacturer) and UL (independent, third party verification).

“The blockchain collaboration, known as TrustChain™, will track and authenticate diamonds, precious metals and jewelry at all stages of the global supply chain, from the mine to the retailer.” ¹

What is unique about Trustchain™?

“TrustChain™ is focused on transparency across the entire diamond, gold and finished jewelry supply chain. TrustChain™ participants already adhere to all necessary audit & certification requirements for their respective businesses, i.e. all physical movements are verified with the physical paperwork. By placing current, physical process on a blockchain, we provide better visibility to the consumer throughout the entire supply chain, to allow exchanges of information amongst participants” ¹

What will the TrustChain™ project focus on and what is the timeframe?

“The initial TrustChain™ project focuses on registering the transformation of raw, mined diamonds and gold into consumer products, like diamond engagement rings, from mining the raw materials through to manufacturing and finally to retail sales. The IBM project is underway and the first products have completed the process with documented provenance.” ¹

When can we expect to see Trustchain™ Jewelry inside stores?

“As the program continues to develop, Trustchain™ jewelry is expected to be accessible to consumers in participating retail stores by the end of 2018.” ²

This is yet another exciting use of Blockchain tech.