Richemont Wants to Put Diamonds on the Blockchain

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There have been lots of weird and wacky applications for blockchain technology over the years – but here’s a new idea that might just make some sense. If you look past the fact that diamonds aren’t actually rare – the supply is heavily controlled by the De Beers Group – being able to authenticate your diamond online rather than by going to a physical jeweler could be an interesting concept. A blockchain record of every diamond ever mined and cut would prevent fake diamonds from entering the market. Corporations like the De Beers Group could laser engrave a special QR code into the diamond instead of a serial number, which then could be scanned by a device to prove its authenticity.

Blockchain Used to Control Authenticity

Richemont is the parent company of a whole host of high-quality brands, including Cartier, Vacheron Constantin, Piaget, Alfred Dunhill, and Montblanc. These high-quality – and equally highly priced – items all suffer from a handful of common enemies – theft, fraud, and counterfeit versions. By adding each item to a blockchain, owners can verify that the product is original and is therefore worth its value.

Diamonds, Gold, and Rocks Already in Progress

Richemont has already started using blockchain technology to track diamonds, gold, and rocks back to the mines and recycling centers they originated from. This prevents items going missing or being replaced with fakes during transit. This implementation is being used as the testing ground to perfect the system before they roll it out to retail diamonds, and then onto all of the company’s products.

Interesting Items Already on the Blockchain

The blockchain universe holds some pretty unique items and gives the public many interesting opportunities as a result. One blockchain gives users the ability to track their thanksgiving turkey back to the farm it was raised on, another lets you authenticate your Kanye West branded sneakers. There are many useless applications of the blockchain, and to go with it there are a some of weirdest cryptos you can imagine floating around as well!
Satoshi Nakamoto – whoever he or she is – has certainly changed the way businesses and consumers interact. Whether it’s with high-tech product tracking and verification or ways to pay for items, day by day Blockchain is changing the world. As time passes and we begin to understand and develop the crypto industry even further, we will see more uses for this technology and more ways to spend the tokens that partner it. With countries like Malta constantly innovating and producing more crypto-friendly laws, more companies will begin operating within the space.
Just this week Malta got its first two-way Bitcoin ATM in a move that will help increase the penetration and adoption of Bitcoin. This shows just how far cryptocurrency and blockchain acceptance is coming along in alternate markets.