Blockchain is the jewelry industry’s new best friend

Blockchain technology has emerged as a game-changer for a wide variety of industries, even as the technology’s most famous representative, Bitcoin, struggled through 2018. Applications of the technology range from smart contracts mapping products to complicated supply chains. In a January 2018 brief, Transparency International introduced several different and innovative initiatives underway, from regions all over the globe:

  • Land governance applications in Brazil, Sweden and Georgia.

  • Voting applications across the world.

  • Various supply chain management initiatives.

  • Distribution of humanitarian aid in Jordan.

One application mentioned in the brief is Everledger, a blockchain platform used for a variety of projects, including being used as a global registry of diamonds. The aim of the registry is to give every stone a unique ID to prevent counterfeiting and curb the trade in conflict minerals. "Blockchain is immutable; it cannot be changed, so records are permanently stored," says Leanne Kemp, founder of Everledger. "Information on the blockchain is cryptographically proven by a federated consensus, instead of being written by just one person."

This document is only available to subscribers. Please log in or purchase access.


Would you like to read this entire article?

If you already subscribe to this publication, just log in. If not, let us send you an email with a link that will allow you to read the entire article for free. Just complete the following form.

* required field