The IBM Corp is making plans to increase transparency in the jewelry industry with blockchain technology.
Big Blue, in its latest initiative, is working on an innovation that will allow it to track pieces of jewelry in the supply chain. The project is called the TrustChain. As you probably already know, blockchain is a new technology that allows participants share information about transactions securely.
In the jewelry industry, it will be used to track the manufacturing process from start to finish. This means that blockchain based technology will track everything from the extraction of raw materials to shipping. The blockchain will be permissioned allowing only participants manipulate the ledger.
The statement by the official IBM website is as follows:
“We will provide greater visibility by using blockchain throughout the supply chain. This will allow participants exchange information among themselves.”
Armork is currently in partnership with leading diamond marketers, Rio Tinto Diamonds, Asahi Refinery and three other leaders in the jewelry market. Many other jewelry startups are making plans to use blockchain for similar purposes in the industry. In January, world’s largest diamond refinery, De Beers, and, Boston Consulting Group, debuted a project that involved registering the interaction of the jewelry supply chain with extracted stones.
Advantages of the Blockchain Technology in the Jewelry Industry
Just like in every other industry, blockchain technology is advantageous in the jewelry industry. It promotes transparency in the supply chain making it easier for consumers to identify original jewelry. IBM’s general manager, Jason Kelley, of blockchain services said that this new development will allow consumers to know the authenticity of a jewelry simply by scanning its QR code. It will also be used for analyzing and streamlining the entire process.
The technology is perfect for dispute resolution as disputes will be identified instantly and corrected before they intensify. It speeds up the supply chain process.