- Chow Tai Fook is implementing a blockchain-powered diamond certificate to address challenges in the diamond industry such as synthetic diamonds, fake certificates, and conflict diamonds. The blockchain certificate would be registered in CTF's apps with each transaction, reducing costs and errors while improving customer loyalty. However, CTF may face challenges in fully implementing the new blockchain technology.
- Chow Tai Fook is implementing a blockchain-powered diamond certificate to address challenges in the diamond industry such as synthetic diamonds, fake certificates, and conflict diamonds. The blockchain certificate would be registered in CTF's apps with each transaction, reducing costs and errors while improving customer loyalty. However, CTF may face challenges in fully implementing the new blockchain technology.
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Original Title
1. Chow Tai Fook Blockchain for the Diamond Industry.pdf
- Chow Tai Fook is implementing a blockchain-powered diamond certificate to address challenges in the diamond industry such as synthetic diamonds, fake certificates, and conflict diamonds. The blockchain certificate would be registered in CTF's apps with each transaction, reducing costs and errors while improving customer loyalty. However, CTF may face challenges in fully implementing the new blockchain technology.
- Chow Tai Fook is implementing a blockchain-powered diamond certificate to address challenges in the diamond industry such as synthetic diamonds, fake certificates, and conflict diamonds. The blockchain certificate would be registered in CTF's apps with each transaction, reducing costs and errors while improving customer loyalty. However, CTF may face challenges in fully implementing the new blockchain technology.
• Four C’s: colour, clarity, cut, and carat weight Challenges
• Synthetic (lab-grown) diamonds
• Diamond certificate may be fake – If not purchasing from legitimate source – Real certificate but fake (synthetic) diamond • Blood diamonds – Mined in rebel-controlled areas, for funding terrorist – Socially conscious customers want to buy an ethical diamond Blockchain-Powered Certificate
• Need to register at the CTF’s apps when a
transaction occurs • Cost savings and reduced human error • Connecting CTF with secondary market • Improved the stickiness of customers Assignment Questions
• Would you buy a diamond with the blockchain
technology versus one without blockchain? How much more would you pay for a blockchain diamond? • How can blockchain be used to solve some of the challenges of the diamond industry? • What challenges does CTF face in implementing blockchain?