Chow Tai Fook Jewellery Group Will Track Diamonds Using Blockchain with EverLedger and IBM
Tracking Diamonds with Blockchain, the Story of a Hong Kong Jeweler
Chow Tai Fook a successful jewelry investment group in Hong Kong has made a move to blockchain technology. They are the first of their kind, a company who uses the advanced technology to track diamonds in Southern China. The move happened when they placed a group of diamonds into the blockchain ledger run by IBM.
Moving diamond tracking to blockchain technology makes it easy for the company to authenticate their diamonds, making them official for selected brands and stores who use the T-Mark Application.
T-Mark was started in mid-2017 and is used to distribute serial numbers to specific stores which can then use the software to authenticate the group’s diamonds which are selectively distributed. As of now, there are at least 3,000 diamonds on the system in circulation to be sold in stores. Plans to place 10,000 diamonds in distribution are in the works for ten specially chosen stores. Group managing director Kent Wong had something to say about the importance of bringing the diamonds to the customers; he had the following to tell about it:
“Not only does this initiative make it easier for consumers to manage their assets conveniently and efficiently, but it is also a long-term and invaluable investment that enriches consumers’ knowledge of their diamonds.”
Chow Tai Fook diamond group is known to follow the practice of some of the world’s best jewelers who also use blockchain technology to track products. DeBeers, the largest diamond distributor in the world, made a recent announcement that it would also initiate tracking using blockchain technology with 100 of their highest-priced diamonds using the software called Tracr.
De Beers reportedly was the first to use the software with the hopes of improving customer confidence regarding security – also that they were not conflict diamonds – to help promote brand awareness as well. Gold is another resource which is now tracked through blockchain technology controlled by IBM, with TrustChain designed to authenticate it the same way it does with diamonds.
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