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   1218

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.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   90

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.