IBM will be working with a consortium of gold and diamond companies in the jewelry supply chain to develop blockchain technology that will track engagement rings from the mine to the retail shelf via blockchain technology, Reuters reports.
The TrustChain initiative is meant to make it easier for consumers to track diamonds and precious metals through various steps of the supply chain as they become finished pieces jewelry, the companies said.
The technology is expected to be available to consumers by the end of 2018. When launched, it will help track six styles of diamond and gold engagement rings.
Firms involved in the initiative include jewelry manufacturer Richline Group Inc, precious metals refiner Asahi Refining, jewelry retailer Helzberg Diamonds, precious metals supplier LeachGarner and third-party verification provider UL.
By Jade Olafson