Will Blockchain help to track jewelry?

The Ministry of Finance of Russia plans in 2018 to introduce marking of jewelry tags with a digital QR code, and in 2019–2020 to introduce nanomarking of jewelry and precious metals. About it said Deputy Finance Minister Alexei Moiseev at the Moscow Financial Forum, Tass reports.

“The simplified system, which will solve most of the surface problems, we plan in 2018, the rest, I think, in 2019–2020”, the official said.

As previously reported Moiseev, the RF Ministry of Finance plans to use the technology of applying nanomarks on gemstones to distinguish natural gems from “synthetics”. He also noted that nanomarking is an expensive technology, which will require large investments from both the market of gemstones and from supervisors, therefore the Ministry of Finance plans to go to it in stages.
Meanwhile, distributed registry technology, better known as blockchain, is quite capable of helping implement these plans.

“Within the framework of the jNet1 project, we developed an innovative concept of a control system and tracking jewelry with the integration of Blockchain technology”, said Evgeny Ryzhevsky, founder of the jewelry business network jNet1.
According to him, this system allows you to track the entire chain of jewelry origin from its creation, testing and up to the moment of its realization. Thus, all points of control will be the quality and legality of jewelry has been overseen, which is dictated by the need of such control and meets the needs of buyers, controlling bodies and bona fide participants of the jewelry market, explained Ryzhevsky.
The jNet1 platform, which now has more than 2,000 representatives of the jewelry business, is aimed at creating such a service on the territory of Russia in cooperation with the RF Ministry of Finance and the Assay chamber, noted Ryzhevsky. He also added that, if successful, the company plans to transfer this experience in the world jewelry market.
Now jNet1 conducts pre-ICO, releasing the digital token jNetCoin (JNT), and the tracking service is at the stage of development and will be an integral part of the jewelry ecosystem created by the company, explained Ryzhevsky.
Will it be possible to combine the request of officials to increase transparency in the industry and innovative technology, mastered by business, time will tell. Meanwhile, as reported in jNet1, there are negotiations.