Richemont introducing the blockchain to track diamonds

The Swiss company Richemont is planning to implement blockchain technology in supply chain.

Swiss holding company Richemont, which owns the brand Coming, drew attention to the blockchain technology as a tool for tracking the supply chain of diamonds to maintain its transparency.

Member of the Board of Directors of Richemont, an economist and Professor at the London school of Economics, Jin Keya, said that the holding plans to use the blockchain to control all of “parallel markets”:

“As the parent company of Cartier, we decided to start using the blockchain to track the entire supply chain of gems and gold from mines to processing plants. We also hope in the near future (using the blockchain) to improve control of sales channels hours to assure the customers of their authenticity”

In his speech, Jean also spoke about the reasons for his scientific interest in blockchain technology, mentioning the participation in the Chinese blockchain startup Ultrain, as a consultant on macroeconomics.

According to Keya, the blockchain projects are often trying to experiment and build their monetary policy from scratch, ignoring existing research in this area:

“I believe that blockchain technology has significantly influenced the entire spectrum of the economy… it’s very interesting, because for the decision of this question not of microeconomic theory, and will need a macroeconomic theory of the currency, monetary policy and regulation”

In an interview with CoinDesk, member of the Board of Directors of Richemont also mentioned its plans to explore cryptocurrencies from the point of view of macroeconomic theories, with the aim of creating a stable cryptocurrency that can be used for exchange and storage of funds.

Informed about its intention to use blockchain technology for tracking of jewelry, announced the company’s Berkshire Hathaway Richline Group, Asahi Refining, LeachGarner and Helzberg Diamonds, United on the basis of the blockchain platform TrustChain.

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