Jewelry Company To Apply Blockchain For Tracking Diamonds
Chow Tai Fook, a jewelry retailer in Hong Kong, will apply blockchain technology to track the origin of gemstones, South China Morning Post reports.
The retailer placed the information about jewelry on a platform created by the Everledger blockchain company with the support of IBM. The distributed ledger will help visitors of Chow Tai Fook find out information about the origin and authenticity of diamonds that are sold in the stores of the brand T Mark with the help of a mobile app.
The decision of the Hong Kong retail company was a continuation of the last year's innovation in the appropriation of a serial number to jewelry, through which you can find out all the information since the creation and track the entire history of purchases and sales. Now this initiative covers 3,000 diamonds in four T Mark stores. In the future, the number will increase to 10,000 stones in ten stores.
With the help of blockchain, the company’s customers will not only be able to monitor their jewelry effectively but also acquire new knowledge about them, a representative of the retailer Kent Wong stated.
Chow Tai Fook has followed the example of other world brands of the jewelry industry, which used blockchain to monitor their products. The international corporation De Beers in the spring of this year began to track the history of the 100 most valuable diamonds from their mining to the outlet on the retail trade network with the help of the Tracr blockchain.
As previously reported, Chinese authorities intend to monitor charitable contributions with the help of blockchain.