Blockchain technology has been harnessed by the team at IBM, through their newest innovation IBM has managed to produce a new system of tracking for valuable jewellery pieces. IBM’s creation, which has been named TrustChain, makes use of Blockchain technology to institute a process that can track the whole evolution of an item from the supplier of the precious metal or diamond through to the jeweller who crafts it and finally through to the point of sale.
Introducing the platform: TrustChain
TrustChain has been made off of IBM’s very own Blockchain technology which is held within IBM’s own servers and cloud-based storage. TrustChain has the capability to verify all details pertaining to each and every step within the lifecycle of a product. An added benefit of TrustChain is that anyone who is associated with the product will have the ability to review its entire journey and see all other parties who participated in the transactions leading up to the jewellery arriving in their hands.
TrustChain has already made waves within the industry and attracted many major players, including Helzberg Diamonds and Leach and Garner. In addition, TrustChain has also managed to partner with The Richline Group which specializes in the acquisition of precious metals and stones.
IBM’s Blockchain manager Jason Kelly stated that in today’s world it is still extremely difficult to obtain accurate data on the origin of valuable items, such as jewellery and it is even harder to attest to the validity of the information that is available. Further issues that are faced with the tracking of jewellery and other valuables are issues such as the need for instant access to high quality, clean and thorough records of all associated transactions.
Jason Kelly was very much confident that through the use of Blockchain technology, TrustChain would be able to do away with many of the inconveniences currently facing the navigation of records surrounding valuable items. He further postulated that it would be so much easier and far more efficient to simply transfer the records and computing systems of companies into a system that makes use of blockchain.
The reason for this is that Blockchain technology has a proven ability to hold vast amounts of data and simultaneously be able to track each step within the journey of a product, regardless of whether that product is a physical item or if it is a unit of Cryptocurrency. Jason Kelley went on to say that the main target of TrustChain is to create a system whereby it will be a seamless act to not only track the original source of a jewellery item, but through the use of TrustChain to ensure that sustainable jewellery would become a greater reality for the world.
Blockchain Based System’s Value For Consumers
Systems such as TrustChain have significant benefits for conscious consumers as this will allow consumers to be able to have knowledge of the actions of organizations within reach. Leading to greater consumer awareness and ultimately, greater sustainability. TrustChain is a significant example of how the technology that helped propel Bitcoin and other Cryptocurrencies to stardom, has significant value for the whole world.