Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Chinese WeChat will offer diamonds from industry leader Alrosa. The related precise information will be stored in Everledger’s blockchain.
It has become known that Everledger, Tencent and Alrosa will sell diamonds with blockchain IDs. A blockchain startup Everledger will serve as a basis for the retail mini program which is exclusively for WeChat customers. Having one billion Chinese folks using it in everyday tasks, the app gives transparent and truthful details about different things. And now – including the luxury stones. The feature is using blockchain for traceability and transparency. Customers will be able to obtain information on the mine where a diamond was found and see its path via several points and to the customer.
The program will be shipped as white-label API software across China. This gives new bright abilities to retail sellers. They can now describe their clients a story of each diamond in a unique way. As the Chinese luxury market is a field full of different shops with interesting offers, WeChat Mini Program will attract sophisticated users to the Alrosa diamond store.
The innovative products help to keep the markets competitive and above time. Everledger’s CEO, Leanne Kemp, commented:
“Our blockchain and IoT solutions will enable key stakeholders in the jewelry industry to bring secure and reputable information to consumers in China and beyond. The WeChat Mini Program delivers on our scalable vision for more transparent, frictionless, and sustainable value chains, providing a new benchmark for customer focus and transparency in the diamond industry.”
Alrosa Claims Unprecedented Level of Transparency
The app’s goal is to make every diamond a portfolio worth studying, with all the details. To build trust around the business, the information will feature authenticity docs and the full characteristics of the stone. Chinese customers will have the ability to purchase the diamonds via WeChat Pay while checking the additional information like the mine location via Everledger’s blockchain.
The clients will have the info on extraction locations in Russia. They can read all the details about the deal using the smartphone or tablet. Per Evgeny Gokhberg, Head of EU department in Everledger:
“This is a groundbreaking initiative with the titans of the diamond and internet industries. We’re glad to partner with ALROSA, as we share the same goal of enabling more transparency to the market. By providing 100% certainty of a diamond’s origin and journey to the consumer, in an easy-to-experience online platform such as WeChat, we are confident that this innovation will set a new standard when it comes to traceability and responsible business practices.”
Chris Taylor, COO Everledger thinks that the development of three companies revolutionizes provenance and authenticity technologies. Everledger aims at bringing the markets in China to a new level of transparency.