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Richemont to Introduce Product Tracking Blockchain Tech

As one of the biggest names in luxurious products, Richemont is using blockchain technology to provide a clearer tracking of its products and their supply chain. Newly appointed Richemont board member, Jin Keyu, explained in a statement at a recent event that the company is planning on using blockchain as a method of authenticating and tracing the origin points of luxury goods sold through Richemont.


Blockchain

As Jin Keyu explained, Richemont wants to use blockchain within its supply system to backtrack diamonds and other rocks, as well as manufacturers and their factories to their point of origin. The company plans to fully control all the related markets through this new tech. Richemont aims to be able to track any of their products to ensure their validity and confirm any product authenticity.

Adding to her speech, Keyu discussed her studies and expertise, as a former LES professor and distinguished economics expert, she explained the reasons behind her interest in blockchain technology and her new advisory position at Ultrain, a Chinese startup focused on the blockchain. 

She stated that a big problem with startups is the desire to build monetary applications through blockchain without any academic expertise provided and instead attempt to build and develop on this tech without the proper advice.

Blockchain Importance

As part of her speech, she went on to explain the importance of both macro and microeconomic applications to blockchain. She believes that blockchain has changed the very nature of the global economy and that further study and research into the technology is a must due to its incredible effect on the modern world.

Speaking to Coindesk, Keyu explained her approach to blockchain through macroeconomics and her aim to research the technology further through her academic approach. Acquiring her three professional academic degrees from Harvard, Keyu may also design a cryptocurrency as part of her research, building the coin with the fundamental requirements any money must possess.

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