Think Thursday: What is Blockchain?
It is, in essence, a cloud software system that keeps the accumulated historical records of sell-able items from start to finish in its supply chain (without relying on a third party to do so). IBM gives the example of tomato sauce that originates from farm to serving dish in its commercials. But what does it mean for the diamond industry? Will we be able to trace rough goods from the mining process to certification and then from wholesalers to retail, all the way to consumer? Yes, that is exactly what the software is promising. Watch below.
Yes, we know; it all seems sort of high-tech and complicated, and it’s still in the very early stages, but the main purpose is to provide a trust between the consumers and retailers, especially in the luxury sector of retail industries. Diamond buyers want to know that the diamonds/gold they purchase are authenticated without any foul play involved and Blockchain is suppose to be an aid to fraud, delinquencies, and misunderstandings.