What do you think of blockchain? A very popular word nowadays, from cryptocurrency, traceability, transparency, and sustainability. Let’s delve deeper into what blockchain is and how it is applied to the watches and jewels market.
Blockchain is meant as an immutable and incorruptible chain of data stored, which provides records of transactions to secure the digital assets and their value. At the same time, it links the assets or value to a person, in a cryptographic way that safeguards the owner, hence increasing trust and removing the need for an intermediary. This makes the process faster and safer.
Moving on to its application in the market, for its characteristics, blockchain allows the traceability of items both by being applied to the supply chain – from raw materials, suppliers, production, manufacturer, distributor, retailer and finally, reaching the end customers, as much as it is very useful in the second-hand market, which by the input of data recognizes previous and current owners and the presence of any transaction applied to the item, and a digital passport is created.
Do you know what I like to think blockchain of? I imagine blockchain as a ‘bridge’ between customers and the brand, which reinforces communication, the sharing of values and requests, in a faster and more reliable way.
We, in Tim & Co Switzerland, are very looking forward to working together by making sure you can get the best diamonds in terms of quality, characteristics, customization, and provenience according to your desires, and at the same time respecting the environment by having a closer look at the sustainable aspect. We support blockchain because, in addition to having a positive impact regarding controlled input of data and trust, it also allows transparency throughout the supply chain. This makes users aware of the provenience of the products, by knowing the sustainable impact in every step. True that B stands for blockchain, and blockchain stands for traceability, transparency, sustainability, and values’ reinforcement.
Always follow your dreams … and with blockchain always follow your diamonds …
