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Blockchain will be an advantage for the jewelry industry?

The options on how companies can implement blockchain technology include the creation of tamperable, tamper-proof packaging, the identification of serial numbers or sensor stamps and the careful monitoring of the transport of materials or products from one phase to & # 39; other. Proponents claim that all these practices would, gradually, create perfect data that could make it more difficult to introduce unwanted or illegal integrations into production and distribution systems.

In addition, supporters add any savings resulting from greater efficiency and transparency as a result of the use of the blockchain, eliminating for example the need for paper invoices, as well as reducing the silos of information that are traditionally present at every point in the supply chain. , like the mine, the refiner, the manufacturer and the dealer – they are another important advantage.

"Basically, it reduces space for human errors, increases trust through open source cooperation, and could, over time, redefine the way many luxury players do business," Ms. Haziot said.

The question, however, is when?

There are still many barriers, especially for smaller brands, some of which have suggested that, at a time when the origin has never been examined, the idea of ​​the blockchain is exaggerated by the laboratories wishing to charge the tests from. Then there are heavy initial investment costs, the acquisition of a digital wallet and the need to challenge the confused and intimidating jargon to get in touch with many blockchain service providers – who often build separate blocks, which could be counterproductive. Then there's the fact that most of the technology is constantly evolving and still in its early stages.

"There's still a lot of work to do," said Lubin, "and many things could be improved."

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