Richemont Joins The Increasing List Of Companies Seeking To Use The Blockchain for Tracking Its Supply Chain

Richemont Joins The Increasing List Of Companies Seeking To Use The Blockchain for Tracking Its Supply Chain

Joining the increasing list of companies trying the blockchain for tracking purposes is Cartier’s owner Richemont.

The Swiss luxury goods giant, is turning to blockchain in a move aimed to bring transparency to its supply chain.

At an event on Thursday 5th of July, Jin Keyu, a board member, said during a speech that the luxury giant aims to use blockchain to control all the “parallel markets.”

She said “As Cartier’s parent company, we [Richemont] have recently decided to start utilizing blockchain to trace the origin of diamonds, rocks and gold back to the mines or recycling factories. For all the watches we sell, we also hope to (use blockchain) to track their sources to validate their authenticity,”

She also said during her speech that relating to her academic interest she’s set to join China-based blockchain startup Ultrain as an adviser to contribute her expertise on macroeconomics.

Jin argued that blockchain projects are often trying to experiment and build monetary policies from scratch, without learning from existing academic research in the field.

She said:

“To me, blockchain essentially restructured the entire economic spectrum. … I think it’s extremely interesting because, to solve this broad issue, we need not only microeconomic theories … but also macro ones such as currency, monetary policy and regulation.”

During a fireside chat with CoinDesk, Jin indicated she also plans research to explore questions in the crypto world from the angle of macroeconomics. That work will potentially include designing a cryptocurrency which can perform three essential functions of a currency: storage of value, stability and unit of account.

 

Source: {www.coindesk.com}

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