Tech giant, IBM, is using blockchain technology to confirm where jewellery comes from which is yet another use for crypto ledger system.
Whilst it’s currently being used to support cryptocurrency, it has many applications outside of this. IBM has set up a system to trace the provenance of jewellery called TrustChain. It does this by following the gems literally from mine to consumer. The major benefit is that it’s digital. There are currently processes in place to validate jewellery, but it’s usually based on a paper trail that can be easily be faked. Blockchain makes sure that this system is digital and therefore more efficient and secure.
Another benefit is that it streamlines the process if there is a dispute. If there is a dispute, instead of having to launch a timeous investigation, you can click on a trusted chain and you can see what happened instantly. It speeds up a process that’s been somewhat manual and paper-laden.
Using blockchain technology doesn’t necessarily mean that there won’t be errors. The technology has been the tech buzzword of 2018 and now it’s time for it to prove it’s practical uses. Systems like TrustChain will be good to keep an eye as the technology adapts to our world.