IBM to Verify Diamond and Gold Jewelry via Blockchain

IBM cooperate with a consortium of gold and diamond companies in the jewelry supply chain to track engagement rings from the mine to the retail shelf via blockchain
26 April 2018   1099

IBM announced on Thursday it is working with jewelry industry leaders to create a cross-industry supply chain tracking platform. Powered by a blockchain built on Hyperledger Fabric, the TrustChain initiative will facilitate the tracking of diamonds and precious metals as they advance from mine to market.

trustchain

TrustChain

The consortium comprises a variety of industry businesses, with U.S. jewelry retailer Helzberg Diamonds, precious metals refiner Asahi Refining, jewelry manufacturer Richline Group, independent third party verification firm UL and precious metals supplier LeachGarner as members.

TrustChain will kick off by tracking six styles of gold and diamond engagement rings on the system.

Jason Kelley, general manager of blockchain services at IBM, said in an interview that the TrustChain Initiative touched multiple functions of the participating enterprises. "This is an organizational and business challenge. IT is 10% and 90% is pulling it together across the industry," said Kelley.

Here's how TrustChain works:

  • Diamonds and precious metals get a digital product and process verification.
  • TrustChain uses distributed ledger technology based on IBM Blockchain and the Hyperledger Project to create a shared record of all transactions that took place.
  • The metals and diamonds are verified each step of the manufacturing process until it becomes a piece of jewelry.
  • UL provides third-party oversight.
  • Consumers will get assurances of authenticity.

TrustChain jewelry will be available to consumers by the end of 2018.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   197

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.