IBM to Launch Blockchain System for Tracking Jewelry History

IBM, in collaboration with several mining companies, is preparing to launch the TrustChain blockchain platform by the end of 2018 to track the history of jewelry made from precious stones and metals. This was reported by TechCrunch.

The system is expected to go live at the end of 2018 and will involve jewelry retailers from companies such as Berkshire Hathaway, Richline Group, Asahi Refining, LeachGarner, and Helzberg Diamonds. The idea is that customers will be able to scan a QR code on a selected piece of jewelry and view its entire history on their smartphone—from the moment the materials were mined to their delivery to the store.

According to Jason Kelley, IBM’s General Manager for Blockchain Services, this system will help customers and law enforcement agencies ensure that a particular piece of jewelry is not connected to illicit activities such as corruption, human trafficking, or terrorism. He added that, in theory, blockchain technology can already be used to track the history of any product, but the biggest challenge is convincing many companies of the technology’s value.

Recently, IBM unveiled a prototype of the world’s smallest processor, which can be used as a cryptographic anchor—a unique identifier for any device or product in a blockchain system. The company plans to begin production within five years, and these microcomputers will cost just 10 cents each.