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According to a article published by The New York Times November 30, 2018, blockchain technology it could turn out to be a turning point for the jewelry industry. The inherently transparent and unchanging nature of innovation could mitigate the risk of counterfeiting within the sector-specific fragmented supply chain.
Growing number of companies switching to Blockchain technology
The jewelry industry has long been tormented by illicit activities such as counterfeiting and fraud at the end of the supply chain. The fact that precious metals are spread all over the world makes it even more difficult to remain vigilant along the supply chain.
However, this threat could be effectively addressed using some form of distributed register technology. In recent times, many heavyweights have threw their weight behind technology to optimize the path of jewelry items from mine to the store.
Although the stars of the luxury sector are known to keep their business secrets away from public opinion, the growing number of companies joining the wagon is a testament to their long-term confidence in its benefits.
DLT could be profitable and delete documents
Regarding the usefulness of technology in the luxury sector, Laurence Haziot, IBM's global CEO for the consumer industry, said:
"Blockchain helps to authenticate, in an instant, the apparent high value of any luxury object – from where it comes to what it is made of, how many hands has passed to where and when it was stored, stored and delivered – and this is extremely important in the world of watches and jewelry ".
Furthermore, there is no lack of methods to use the blockchain to keep track of luxury items. In the first, companies can continuously feed the movement data of goods on the blockchain through unique serial numbers, installation of RFC chips and sensor stamps.
Such measures would make it difficult for the wrongdoers to change records or feed erroneous data in distribution systems over time. It could also eliminate the cumbersome paperwork necessary to track the goods being moved and minimize human errors.
However, there is a long way to go first DLT it can be completely integrated into the industry. For example, investment and research costs could be a considerable obstacle for smaller brands. Furthermore, scalability remains one of the weaknesses in child technology armor.
