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Coloured gem blockchain system takes off in 2019

The first coloured gemstone blockchain system – The Provenance Proof Blockchain, initiated by the Gübelin Gem Lab, in cooperation with technology provider Everledger will be completed by the end of this year.

The solution is free-for-all, its pilot phase involves testing the functionality, user-friendliness and security of the technology. Global roll-out and on-boarding is scheduled to begin at the Tucson Gem & Mineral Show in February 2019. This project is part of the Provenance Proof initiative, a long-term programme dedicated to providing the gemstone industry with solutions and services enabling transparency along global supply chains.
Main characteristics of the Provenance Proof Blockchain:

• Open for full use to any industry participants.
• Free: both contributing and accessing data is completely free of charge.
• Complete: record giving transparency into the complete journey of a gemstone, from the mine to the end consumer.
• Transparent: it discloses the identity and location of each entity that was involved in the stone’s supply chain at any point in time, as well as retailer and the end consumer.
• Independent: is operated independently from the Gübelin Gem Lab or Everledger
• Provenance Proof Blockchain will be entrusted to a dedicated, multi-stakeholder advisory board.
• Simple: All processes, including the registration and the upload of data, can be done with a smartphone.
• Confidential: does not give any insight into the commercial value of the tracked gems, nor does it give any downstream (i.e. towards the end consumer) visibility.
• Secure: ensures the integrity of the data, and is considered tamper-proof.
• Expandable: different add-ons serving the needs of specific users will be developed to offer even more customised information.

Source: JNA