Chow Tai Fook Jewellery Group, Hong Kong-based Jewellery giants have come up with a new use of the all new and famous blockchain technology. In the media reports dated 12th Septemeber, the company announced that they will soon start tracking diamonds using the new blockchain technology. They mentioned how they have already put up some of the diamonds on the blockchain tech platform that has been designed by the startup company named “Everledger”. This platform is designed with the collaboration of both Everledger, the startup company, and the IBM blockchain platform.
What is the purpose of this new platform?
According to the claims, this system will enable the retailers to ascertain the authenticity and the origin of the stones that are sold in T Mark brand stores using T Mark application.
Before proceeding further, for those who are not aware of the T Mark, it is an initiative of the company that assigns the series of the serial numbers to a certain category of the stones to make the history as well as the provenance of the stone trackable when it comes to authenticating the stones.
Presently, the platform has included around 3,000 T Mark diamonds in four of the stores that they own and are planning to include 10,000 stones moving forward to 10 stores. Prior to Chow Tai Fook, the company called De Beers made an announcement back in the month of May stating that they have managed to track 100 high-valued diamonds from the mine to the retailer with the help of the blockchain powered platform Tracr. The motto behind this that they stated was to enhance the consumers’ awareness along with gaining their trust in the efficiency of the system.
In April, the major players of gold and diamond manufacturer and suppliers partnered up with IBM to develop and design a platform for tracking the finished pieces of jewelry with the help of new and fast-growing blockchain technology.
With this news out, one can say that this is a new addition to what blockchain is capable of these days.