Chow Tai Fook Jewellery Group is a huge Hong Kong based jewelry retailer, and now, it is going to start using the blockchain technology to track diamonds within the network.
Now, the Chow Tai Fook has already tested a system by putting some diamonds on the blockchain platform, the platform has been developed especially for such kind of tracking purposes, by the blockchain startup called Everledger. It is as well secured by the IBM blockchain platform. And this will help the customer to make sure about the origin of a diamond.
The T Mark was started by the company in August previous year, and it functions as follows: it gives a series of serial numbers to particular stones, so, their history can be easily tracked in the network.
Now, the company is going to release in the market about 3,000 diamonds to be tracked in the system. After that, the company is planning to increase the number up to 10,000 diamonds from their stores.
The company isn’t new in this kind of efforts. It is trying to follow the world leaders to not to be left aside from the main trends. Let us remember De Beers, which has already introduced the system and using it. Such system will help to assure the customers that the diamonds they buy aren’t in a conflict as well that to increase the supply chain efficiency.