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IBM and jewelry industry leaders use blockchain to track the source of diamonds

Time : 26/07/2022 Author : nhm385 Click : + -
        On April 26, IBM announced in its blog that the gold and diamond industry leaders had cooperated with IBM to develop a blockchain network for tracking the source of finished jewelry. "Consumers are very concerned about the quality and source of jewelry they buy. 66% of global consumers are willing to spend more money, as evidenced by the fact that they support environmental protection brands. Trustchain is an example of how blockchain can transform the industry through transparency and available new business models, which are especially beneficial to consumers.". By adopting this technology, it is said that the company alliance intends to digitize the process, build a shared and non tamperable transaction record in the network, and support real-time access to trusted data.
        Mark Hanna, chief marketing officer of richlinegroup, commented on this project:. "Trustchain is the first blockchain of its kind in our industry. As a solution, it combines IBM's leading blockchain technology and the reliable procurement, certification and management of third-party organizations, and is led by the administrator UL.". Earlier this year, lucara diamond, a Canadian gemstone diamond manufacturer, purchased Clara diamond solutions, a digital platform that uses blockchain technology to track the source of diamonds. Canada ngoimpact left kimberlyprocess project in January.
        DeBeers' blockchain project aims to ensure that diamonds come from non conflict areas, but impact feels that the project has not achieved its goal, "there is no meaningful guarantee that diamonds come from non conflict areas. The public mistakenly thinks that the problem has been solved". Last month, Coca Cola, a soft drink manufacturer, cooperated with the US State Department and three other companies to launch a project to solve the problem of forced labor by using blockchain technology. The project will use distributed ledger technology to create a safe register of workers and contracts.
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