With the introduction of Bitcoin, the concept of cryptocurrencies was born and blockchain technology was invented to provide the basis for the digital currency systems to operate. Bitcoin became highly scrutinized for its controversial nature and since blockchain technology saw its formation as a facilitator for the decentralized alternative economic system, it also faced the backlash of the criticism. It was only later that people started to see blockchain technology as something that is more than just a record book for a controversial and volatile currency.
The uses of blockchain technology extend far and beyond from simple payment systems. It is as significant an invention as was the wheel or the paper. It has been slated to usher in a new era of how things are done in our daily lives. From all the potential uses of blockchain technology in its capacity as an immutable and distributed ledger system, one of them is being realized by IBM and the jewelry industry: stamping out blood diamonds.
The TrustChain Initiative
The technology giant company IBM has been at the forefront of innovative technology and it is not surprising that it is taking the helm when it comes to incorporating the blockchain technology into bringing about a positive change in the jewelry industry
It feels that through the TrustChain Initiative, the power of blockchain technology can be leveraged to create an erasure of the blood diamonds discouraging companies to engage with providers of blood diamonds. Blood diamonds have long been circulating in the jewelry industry. Blockchain technology is particularly useful for keeping a track on the origin of things. Since the record keeping aspect on blockchains is immutable and transparent, it makes sense that IBM has come together with many companies in the jewelry industry. The consortium of companies along with the blockchain powered initiative will be able to use blockchain technology to track the finished pieces back all the way to the very mines where the raw materials were extracted from.
Already In The Works
While still in its nascent stages, the blockchain powered TrustChain Initiative is already in action right now. So far, TrustChain has seen used for tracing six different kinds of gold and diamond jewelry rings. Moving forward, TrustChain will be able to allow its users to trace every aspect about the jewelry that they buy from the source of the material to the very movement of it until it reaches the store where they buy it from. This ensures full accountability for everyone in the jewelry industry from miners, refiners, jewelry makers, to the stores themselves when it comes to eliminating the use of blood diamonds. The first of the TrustChain Initiative jewelry is going to be seen in stores by the end of the calendar year.
The TrustChain Initiative is going to help the more ethical companies in the jewelry industry to band together in order to make sure that no company is cutting corners in trying to obtain the raw material for their jewelry. While only a while ago, the circulation of blood diamonds around the world was a big problem that solutions could not be effectively acted upon, blockchain technology might just resolve the problem in one clean sweep through the TrustChain Initiative.
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