The public diamond blockchain ibm about blockchain technologies once cryptocurrencies made it to the headlines in Though the future of digital currencies is unclear, both developers and analysts paint brighter days for distributed ledgers technologies. So is it surprising that several jewelry companies are joining forces with tech giant IBM in creating a blockchain platform for tracking precious metals and stones?
The involved parties named the network TrustChain. It should monitor the process of jewelry production from the moment the materials are dug from the ground diamond blockchain ibm the way to the store.
According to the participants in the initiative, the software should be available by the end of the year when it will start tracking six styles of diamond and gold engagement rings. They all believe that distributed ledgers create a tamper-proof space where they can all update information along the supply chain of raw diamond blockchain ibm, their processing, and distribution.
The blockchain solution is expected to bring transparency about the origin and the ethical sourcing of jewelry. Mark HannaCMO at Richline Group, revealed that his company had previously tried to develop a tracking software but ultimately failed due to its sluggishness and inaccuracies:.
Then along came blockchain. TrustChain has already gone through a pilot this month, tracking the production line of a diamond ring. However, this is not the first platform aiming to solve the jewelry industry issues.
Cargo companies from all around the world are developing their own blockchain software diamond blockchain ibm order to reduce the gross amount of paperwork involved in international shipments. Furthermore, this is not the first blockchain project IBM diamond blockchain ibm. Earlier this year we informed you that the tech giant is also working in the same direction with cross-border shipment company AP Moller-Maersk.
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