Chow Tai Fook Jewelry Group, a Hong Kong-based jewelry merchant, has recently announced the launch of an ingenious innovation which is backed by blockchain technology, thereby using it to track diamonds. South China Post reported this on September 12.
Reportedly, this jewelry merchant has placed some of its diamonds on the blockchain technology built by Eveledger, a blockchain startup and secured by the IBM blockchain platform. According to the report, the retailer’s customer is allowed to decipher the origin and authenticity of the precious stones sold in its T Mark-branded online stores using the T Mark Application.
The T Mark App Project
The T Mark App project was initiated by the Jewelry merchant in August 2017 and it launched the initiative by attaching a serial number to particular precious stones to facilitate easy tracing of their origin and transaction history and for authentication.
At the moment, the firm has impressively launched the project starting with nothing less than 3,000 T Mark diamonds in four of its stores. The firm seems to be committed to this project as expansion plans are being considered with about 10,000 precious stones in 10 stores. The retailer’s group managing director, Kent Wong Has, laid emphasis on the essence of customers’ awareness of the entire cycle of diamonds, saying;
“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, it is a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”
Chow Tai Follows World Trend
Apparently, this is not the first time companies would develop a mechanism using the blockchain to track the product in the world of commerce; similar initiatives have been recorded in time past. For instance; Global diamond giant De Beers revealed a project in May which is targeted at tracking 100 high-value diamonds from the point of mining to the retailer via its newly developed blockchain-based platform Tracr.
As a matter of fact, the innovation of the De Beers being the first of its kind has opened consciousness of several companies to the reality of tracking product which is one of the greatest act of transparency in the world of commerce as it would enable the customer to cat their confidence on the product’s originality. As in the case of diamonds, it would increase the public trust that the diamonds were non-conflict, in addition to the excellent efficiency in the supply network.
Also, in April, a major gold and diamond industry manufacturer and suppliers reportedly collaborated with the blockchain giant, IBM, to come up with a blockchain network meant to track jewelry from mining to finished pieces. The project, tagged TrustChain initiative, was structured in a way that it would enable tracking and authentication of diamonds and precious metal from their point of mining to a retail location.
The adoption and application of the blockchain technology to solve practical problems in the society are one of the best things to happen to the human race. Human beings are prone to skepticism and security threat, bringing an initiative which solves this problem is worthy of a considerable genius, this introduction into the precious stone sector can also be introduced into other aspects of commerce to foster transparency and confidence which most businesses are built upon.