Diamond ring traced by blockchain? IBM solution can do that!

Diamond ring traced by blockchain? IBM solution can do that!

Diamond ring traced by blockchain? IBM solution can do that!

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Background of the importance of transparent supply chain management

3 minutes video below showing some reason why blockchain is being used by Walmart. It showing Walmart vision on their future supply chain management using IBM solution.

 

As you already know that Walmart is working hard on a project to onboarding blockchain technology into their supply chain management. If you want to find out more about supply chain click here.

Why now for Diamond ring? What problem that it solved?

Imagine you walk into a gold or jewellery shop and looking for a GIA certificate diamond ring, from a very layman eye, the certificate is not informative to us. I am sure you will with me on this one. What if we can have more information rather than just a paper certificate? Information such as origin of the diamond, the number of transaction it has been done before, and also the diamond cutting technology it been used. So what is my point?🧐In my opinion,that is a piece of information which give me confidence and I am willing to pay more to know about it rather than just a paper certificate.

Do you think you know the “right” way to use the loupe? source: here

How does the expert use blockchain in the supply chain to solve the problem?

Let’s take a closer look at the diamond, what is the information that we can extra? Their weight, colour and unique cuts, as well as the place of origin. When there is a transaction, a merchant will have to use apps to capture the image of the diamond. The technology will be able to do face-recognition on the diamond. During the transaction, the buyer will be able to saw the details information on the diamond such as their unique features such as weight, colour and place of origin is being stored in the blockchain.

The technology created a unique signature for each diamond.

Fraud can be minimized and if this process made into an ISO, then all merchant will have to pay their tax accurately and no smuggling of the diamond will be allowed.

Here’s the interesting part, the merchant can record the information using IBM Trustchain. For example, information range from the diamond raw material, to the designer and shipment, the process will be recorded digitally using blockchain technology. In short, the ownership and change of hand transaction information is being recorded.

Full coverage story from IBM website here.

What has IBM done?

Fortunately, there’s a simple solution, to enable the tracking of supply chain possible, IBM has created LORA sensor. As pioneer in the Intenet of thing, IBM team invented sensors that have very high energy efficient with a lifetime of up to 10 years on a single battery!

Tips on IBM Long Range internet of thing sensor node

But that’s not all, it is not just about the diamond industry. If your company are in supply change management, you can leverage on IBM solution too on this page.

What is my view?

This put consumer minds at ease! You able to use apps on their own phone to view the information on the diamond. Here is why that is important, you can verify that the diamond is from the proper channel rather than from black market.

How big is the industry impacted?  It is billion dollar business we are talking here.

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Hope you find the article useful and do leave a comment below for discussion,

than you,

Patrick Goh

 

 

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Patrick Goh Mr. Patrick Goh B.S is a research engineer with more than 10 years in industry of IT, Engineering and Financial market experience. In 2013, he joined financial institute’s research team as R&D software engineer mainly researching on technical analysis, inter-market correlation and fundamental factor in leveraged trading instrument using machine learning technique and programming algorithmic trading strategy by quantifying trader sentiment behind the price movement.

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