Jewelry Companies Jump on Blockchain Bandwagon

IBM continues to lead companies toward blockchain technology.

Diamond Ring

IBM has convinced another industry to jump on the blockchain technology trend.

Gold and diamond companies will now be able to track the origin of jewelry and ensure that it's ethically sourced through blockchain, according to Reuters.

The innitiative, TrustChain, aims to make it easier for consumers to track diamonds and metals through the various steps of the supply chain. Blockchain will track six styles of diamond and gold engagement rings and is expected to be available to consumers by the end of 2018.

Firms involved in the initiative include Asahi Refining, Helzberg Diamonds, LeachGarner and UL. 

Blockchain makes it easier for for the parties to create and update tamper-proof records, and all firms involved believe that the technology is well suited to securely and efficiently track and prove the origin and ethical sourcing of jewelry.

Last week the TrustChain platform was tested to track the provenance of a diamond ring across the supply chain.