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IBM Launches Blockchain for Jewelry
Apr 29, 2018 6:55 AM
By Rapaport News
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RAPAPORT... IBM has partnered with members of the diamond and jewelry
industry to create a blockchain platform for improving traceability.
The technology giant will work with retailer Helzberg
Diamonds and jewelry manufacturer Richline Group — both subsidiaries of Warren
Buffett’s Berkshire Hathaway — to launch the “Trust Chain Initiative.” Other members of the consortium are Asahi Refining and
LeachGarner — which refine and supply precious metals, respectively — and UL, a
third-party product-verification group.
TrustChain tracks and authenticates diamonds and precious
metals throughout the supply chain, all the way to the finished jewelry piece. It
will initially track six styles of diamond-and-gold engagement rings on the
blockchain, with those products becoming available to consumers in
participating retail stores by the end of 2018, IBM said in a statement Thursday.
Some 66% of consumers globally are willing to spend more to support sustainable
brands, IBM noted, citing a 2015 survey by the Nielsen Company.
“TrustChain is an example of how blockchain is
transforming industries through transparency and viable new business models
that specifically benefit the consumer,” said Bridget van Kralingen, senior
vice president for global industries, platforms and blockchain at IBM. “Consumers
care deeply about the quality and source of the jewelry they purchase.”
The IBM Blockchain Platform will power the initiative,
which will operate on the IBM Cloud. A blockchain is an unchangeable digital
ledger of transactions that enables companies with access to the system to obtain
trusted data.
“TrustChain is the first blockchain of its kind within
our industry, designed as a solution that marries IBM’s leading blockchain
technology with responsible sourcing, verification and governance by third-party
organizations, led by UL as the administrator,” said Mark Hanna, Richline’s chief marketing officer.
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Tags:
Asahi Refining, Berkshire Hathaway, Blockchain, blockchain platform, Bridget van Kralingen, Helzberg Diamonds, ibm, IBM Blockchain Platform, Jewelry, LeachGarner, Mark Hanna, Nielsen Company, Rapaport News, richline, richline group, traceability, Trust Chain Initiative, TrustChain, UL, verification, warren buffett
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