Jewelry companies have long been trying to implement a tamper-proof and transparent supply chain database. Now, companies such as Richline and a host of others think they have found a solution with blockchain technology. The project is to give consumers the opportunity to track all phases of the supply chain.
Consumers Can Track the Source of Rings
A blockchain project, which is a joint idea and named TrustChain is developed for consumers to track precious metals such as gold and diamonds from beginning to end. The platform will store every detail from when and where the precious stone is dug until it gets to the suppliers.
The project is said to be fully developed and ready to be available to end users by 2018. However, in the initial stage, it will track up to six styles of gold and diamond engagement rings.
Aside Richline Group, companies coming together for this project include top metals refiner company like Asahi Refining, the famous jewelry retailers, Helzberg Diamonds, LeachGarner, a precious metal supplying company, and UL, which is a third-party verification provider for the project.
In the past Richline Group’s Chief Marketing Officer (CMO) Mark Hanna, had said they that the company wanted to create a system such as this but made no success as the system relied on a manual entry and data entered could be easily manipulated. However, with blockchain technology creating a database and recording the entire supply chain is possible.
“We were always very enamored with it, but there wasn’t the right platform. Then along came blockchain,”
Blockchain Promotes Transparent Jewelry Trade
Using blockchain it is now possible for the companies to develop and operate a single system that keeps a tamper-proof record of the products it tracks.
Last week, the project successfully tested its ability to provide information of processes and phases the diamond rings had gone through in the supply chain.
More companies are also jumping on the blockchain bandwagon, and even have started exploring possibilities of using blockchain technology to scale their businesses. One of them is Anglo American’s diamond unit De Beers, which aims to track gems each time they change hands starting from the process from when they are dug out of the ground.
Tech giant IBM, apart from being a part of this project, is also involved with large food retail organizations, employing blockchain to help track food supply chain for safety reasons.