Blockchain being used to track diamonds by Hong Kong jewelry retailer
Chow Tai Fook, jewelry retailer based out of Hong Kong, announced that it is going to use a blockchain platform to track diamonds, as reported by the South China Morning Post, September 12.
Chow Tai Fook has partnered with Everledger, a blockchain startup that is secured by the IBM Blockchain Platform. The purpose of this partnership is to allow the customers of Chow Tai Fook to be sure that the diamonds are authentic and be able to track where they had originated. This is all to be done through their T Mark app.
T Mark was started by Chow Tai Fook August of last year. T Mark assigns serial numbers to stones, so that their transaction history and place of origin can be easily authenticated. 3,000 T Mark diamonds has rolled out of four of their stores currently and plans to increase this number to 10,000 stones to over 10 different stores is in the works.
Source & Full article: Chepicap