Opinion: Blockchain technology can be used to improve the gold source of the jewelry industry and other issues

In order to solve the industry's traceability shortcomings, the luxury jewelry giant and the mining industry are considering blockchain to ensure that the source of gold (artisanal gold) mined in small-scale operations is in accordance with ethical standards. Trafficking is linked to gold from areas of armed conflict. Advocates believe that tracking gold from mines to jewelry customers can help secure origin, improve miners' lives, and reduce carbon emissions.
The head of the World Economic Forum's mining and metals industry group, Jordan Gen Sandstrom, said the integration of blockchain technology with the jewelry industry is a growing trend. In October, seven leading mining companies, including diamond giant De Beers, joined the World Economic Forum's "Mining and Metal Blockchain Initiative." These companies have promised to explore the creation of blockchain platforms to store information such as material tracking and carbon emissions reports, but no timetable has been set. In addition, although the seven companies are all large enterprises, the plan intends to expand to small businesses. "In terms of increasing transparency, blockchain has the potential to serve as a shared single source of truth," said Nadia Hewett, World Economic Forum's blockchain and distributed ledger technology project leader.