Richemont to Blockchain Luxury Goods Supply Chain & AMEX Patent Might Solve "Transaction Certainty" Fears

An upward move overnight in the cryptocurrency markets saw the global cryptocurrency market cap gain $3 billion rising to $249 billion, Bitcoin gained $64 to $6254 and Ethereum also up, gaining $4 to $437.

Richemont – collective owner of some of the largest high-end luxury brands including Piaget, Cartier, Vacheron Constatin, Alfred Dunhill and Montblanc have announce their intent to create a blockchain application aimed to improve consumer confidence regarding the authenticity of both their products and the materials used to manufacture them. Richemont board member Jin Keyu stated “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”. The move by Richemont however is not the first in the sector however, the world renowned diamond dealers De Beers confirmed their successful piloting of a similar blockchain built to track diamonds from the mines right through to retailers with its Tracr™ platform in May and IBM announced their “TrustChain” platform providing end-to-end tracking for the jewelry supply and manufacturing sector in April.

American Express has filed another blockchain patent aimed to automate proof of payment in what appears to be the use of a secondary blockchain that would be accessible from smart devices to authenticate said proof of payment and further enable subsequent actions or services to the customer. If the project comes to fruition it could potentially solve the “proving of a transaction” problem raised by some central bankers and commentators regarding the possible “insufficient certainty of transaction verification”. AMEX generally has been very active with blockchain related patent applications over the last 18 months and likely has many more in the pipeline, as has Mastercard having been granted a number of applications in recent months aimed initially more at boosting and improving merchant services. One has to wonder what Visa is doing given their continual rejection of blockchain technology in the belief their systems sufficiently future-proof and cryptocurrency is just a huge bubble.

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Created: Friday, July 13, 2018

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