IBM, Richline Launch Jewelry Blockchain - Rapaport
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.
