G? 1/4 belin to Build Blockchain for Colored Gemstones

RAPAPORT... G? 1/4 belin Gem Lab has partnered with developer Everledger to establish a blockchain digital ledger for colored gemstones. The Provenance Proof Blockchain tracks gemstones throughout theirlifespan until they reach the end consumer, the Swiss-based lab said Tuesday. G? 1/4 belin plans to implement itssystem across all segments along the supply chain, including miners,dealers, cutters, labs, retailers and consumers.Blockchain technology, originally devised for digital currency, keeps a permanent, tamper-proof record of all transactions that occur within a platform."The concept and technology of a blockchain transforms anopaque business based on trust into a business based on transparency," saidRaphael G? 1/4 belin, the company's president. Combining the blockchainwith physical tracing methods, such as G? 1/4 belin's Emerald Paternity Test - which marks stones using nanotechnology - is a "quantum leap for our Provenance Proof initiative," he continued.G? 1/4 belin believes the use of blockchain willprovide the industry with "opportunities to establish more sustainable andfairer practices."