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IBM teams up with jewelry consortium to verify authenticity

Anirudh VK

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IBM teams up with jewellery consortium to verify authenticity
Source: Pexels

IBM announced today that it was teaming up with a consortium of jewelers to ensure the authenticity and verify origins of gold and diamond jewelry. This collaboration was dubbed ‘TrustChain’ to reflect the key goals of the initiative. TrustChain runs on the IBM blockchain to track and authenticate diamonds and jewelry at all stages of the global supply chain.

According to their blog post, counterfeit products may cost the global economy up to $250 billion annually. The jewelry industry has always been focused on verifying authenticity, and the system put in place today is known as the 4C system, with the 4C’s standing for color, carat, clarity, and cut. The blockchain seems a perfect fit according to them as it verifies the origin and authenticity of jewelry due to its immutability of occurred transactions.

The companies involved in the consortium include Leach Garner, a precious metals supplier, Asahi Refinery, a precious metal refinery, Helzberg, a US jewelry retailer and the Richline Group, a global jewelry manufacturer.

The companies stated that this technology will track six styles of gold and diamond engagement rings and will be available to the public by the end of 2018.

The official website says:

“This collaboration is a tremendous game changer for the jewellery industry based on the transformational effect blockchain will have on the gold and diamond industry. This is collaboration among responsible and ethical organizations across the jewellery industry, supported by governance and guidance.”

The next step in the execution of the partnership, as this is a proof-of-concept, is:



“TrustChain is an open platform and the next stage would be to move to a full trial with a wider set of industry participants.”

As a third party verifier of the authenticity of the jewelry, UL Consumer and Retail Services have been brought in.

A Twitterati, Crypto Frank says:

“Will never happpen. Diamond industry bigger than IBM. You will never eliminate the blood diamond problem coming into the states and rest of the world. Ain’t gonna happen.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
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Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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