A Swiss company producing luxury jewelry and watches is adopting blockchain technology to track its supply chain.
Richemont eyes blockchain technology to provide transparency in the company’s logistics system. Jin Keyu, economist and associate professor at London School of Economics (LSE), who became one of the boarding members of Richemont announced on 12th July that the jewelry company will integrate blockchain technology within its operations to better verify “parallel markets“.
“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,” she claimed.
During her presentation, the economist listed and explained why he headed for the blockchain sector, indicating that she will soon become a consultant at Ultrain, a Chinese blockchain-based startup. Jin’s purpose is to share her knowledge about macroeconomics.
Follow others instead of creating from scratch
As a board member at Richemont, Jin emphasized that new blockchain businesses are usually developing monetary policies from scratch instead of getting inspired from existing projects.
“To me, blockchain essentially restructured the entire economic spectrum. … I think it’s extremely interesting because, to solve this broad issue, we need not only microeconomic theories … but also macro ones such as currency, monetary policy and regulation.”
Jin told CoinDesk that she intends to investigate the crypto sector from the perspective of macroeconomic theories. The research will probably consist of developing a crypto asset that will meet three main features of a currency: value retention, stability, and monetary unit.
Born in Beijing, Jin Keyu became the youngest professional of LSE teachers (aged 29). The former Harvard student is now invited as a speaker in the economy field at various international conferences/meetings.