Here at CryptoLearningAcademy, we’re always on the lookout for examples of blockchain technology used in the real-world. Whether operating in the financial industry, supply chain, or strictly tech world, cases are popping up all the time! Today we’re looking at one of the most recent examples: TrustChain. The development is the product of a collaboration between IBM and the jewelry industry, so let’s get right into it!
What is ‘TrustChain?’
You may remember an earlier piece we did on IBM’s blockchain development, but now there’s even more. IBM recently partnered with some big players from the jewelry industry to create a new project called “TrustChain.” If we remember back to the microcomputer that IBM created with blockchain in mind, this comes as no surprise.
The actual TrustChain project is one of the clearest examples of blockchain technology being implemented in the real-world markets. Now, whenever someone asks you of a “real” example of a blockchain use-case, we can always point to the work IBM’s doing for the community.
The concept itself is rather simple. Using the technology IBM developed, the TrustChain is a project that’s going to aid in tracking jewelry and other precious metals in the supply chain to ensure authenticity and manage inventory. Not only does the project allow consumers to know that they’re not purchasing an imitation, but it allows consumers to see the past of the products. With the project, consumers can also tell if the product was ethically sourced or not.
Why Does ‘TrustChain’ Matter?
Many consumers in today’s market want to know about the history of the jewel they’re purchasing. After the full implementation of the TrustChain, users will be able to do just that. Consumers will be able to scan a QR code with their phone and see the entire history of a product. No more guessing or asking about whether the jewel is a “conflict diamond” or not.
The technology gives consumers the power to know the entire history of the product before making a purchase. On top of that, the move also matters for the blockchain industry as a whole. IBM is already doing phenomenal work moving the industry forward, and this is another perfect example.
Just by utilizing blockchain technology in the economy, the chances of larger adoption grow significantly. With more people familiar with and using blockchain technology, more consumers will be on the lookout for it. After seeing its benefits in one industry, the public is likely to wonder where else it can improve. Supply chain management and data access are only the beginning for the industry and more implementation means more recognition.
Other Big Names
Another important item to note is who is cooperating in this project with IBM. IBM isn’t acting alone, and the names they’ve got with them are not small companies.
Along with IBM, Asahi Refining, Helzberg Diamonds, LeachGarner, Richline Group, and UL (for verification processing) are all teaming up! This means that we’re dealing with some big-name actors in the industry who carry some weight with them. Be on the lookout for this project in the future, it’s almost certain to gain the attention of businesses in plenty of other industries as well.