Jin Keyu, a renowned economist and an associate professor at the London School of Economics (LSE) who was appointed by Richemont as a board member last year, said during a speech at an event on Thursday that the luxury giant aims to use blockchain to control all the “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 said.
During her speech Jin also discussed her academic interests and reasons for her move into the blockchain industry, adding that she is to join China-based blockchain startup Ultrain as an adviser to contribute her expertise on macroeconomics.
“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 indicated she also plans research to explore questions in the crypto world from the angle of macroeconomics. That work will potentially include designing a cryptocurrency which can perform three essential functions of a currency: storage of value, stability and unit of account.
Originally from Beijing, Jin became one of the youngest tenured professor at LSE after having obtained her BA, MA and PhD from Harvard. She is frequently invited to appear on international business news outlets for her macroeconomic expertise on issues pertaining to China.