IBM's 'TrustChain' Provides Transparency to Consumers
Laura McQuarrie — April 27, 2018 — Fashion
References: newsroom.ibm & thecurrentdaily
While conscious diamond-buyers have had to rely on a certificate of authenticity in the past to ensure the quality and ethical standards of the gemstone, IBM is looking to provide greater transparency to consumers with TrustChain.
The TrustChain blockchain network will be able to track and authenticate diamonds, as well as other precious metals, through every step of the supply chain. The technology will help consumers to determine how a particular gem or metal was mined, as well as whether or not it was ethically sourced from a particular region.
Brands that participate with TrustChain will be able to easily call up the full history of an engagement ring on a customer-facing web database to provide an unparalleled level of transparency.
The TrustChain blockchain network will be able to track and authenticate diamonds, as well as other precious metals, through every step of the supply chain. The technology will help consumers to determine how a particular gem or metal was mined, as well as whether or not it was ethically sourced from a particular region.
Brands that participate with TrustChain will be able to easily call up the full history of an engagement ring on a customer-facing web database to provide an unparalleled level of transparency.
Trend Themes
1. Blockchain Tracking - Using blockchain technology to track and authenticate diamonds and precious metals, providing transparency to consumers.
2. Ethical Sourcing - Increasing demand for ethically sourced gemstones and metals, creating opportunities for brands to showcase their responsible supply chain practices.
3. Consumer Transparency - Meeting consumer demand for greater transparency in the jewelry industry by enabling customers to access the full history of a product.
Industry Implications
1. Jewelry - Implementing blockchain technology in the jewelry industry to ensure transparency and authenticate products, catering to conscious consumer preferences.
2. Supply Chain - Offering blockchain solutions for supply chain management, specifically for tracking and verifying the authenticity and ethical sourcing of diamonds and precious metals.
3. E-commerce - Integrating blockchain tracking technology into e-commerce platforms, allowing consumers to make informed purchasing decisions based on certified and transparent product histories.
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