IBM and a number of well-known in the market of precious metals and jewelry companies, including Berkshire Hathaway Richline Group, Asahi Refining, LeachGarner and Helzberg Diamonds, announced the creation of a blockchain platform TrustChain for implementing tracking supply chains 6 styles of diamonds and gold wedding rings.
It is expected that the technology will allow companies to avoid tampering of raw materials and goods, as well as to eliminate the possibility of system access by third parties. At Richline Group previously tried to build a similar system based on another technology, but, according to the head of marketing direction of the company Mark Hanna (Mark Hanna), working with such a database requires a good deal of manual labor and has a lot of inaccuracies.
Start TrustChain scheduled closer to the end of 2018. In the test mode via platform is trace the production path of one of the diamond rings.
We will remind that the head of the international De Beers Corporation, which is engaged in producing, processing and selling of natural diamonds, Bruce cleaver (Bruce Cleaver) in December last year announced plans for the introduction of blockchain technology to optimize supply chain. The system will be able to verify the passage of diamonds of different production stages, but will not disclose a wider audience private information. In addition, on an open platform in the future will be to build on the app: for trading, insurance and other required industry solutions.
And in February of this year it became known that the Israel diamond industry has launched its own cryptocurrency for transactions between dealers and investors.