The gem and jewelry industry has always been a victim of several unwanted activities and scams. The same industry has been the victim of mistrust and non-transparency. For ages, the problems could not be mitigated using the traditional methods and then came the robust solution in the form of a decentralized platform! Yes; Satoshi Nakamoto brought about a revolutionary change to the very complexion of the gem & jewelry industry. With blockchain one can guarantee three things
- Provenance – Did you know that blood diamonds comprise 4 to 15% of the total diamond trade? With strong AML and Kimberley regulations in place, there is a significant reduction in the trade of blood diamonds. However, they cannot guarantee complete protection against the same. However, blockchain can bring about a significant amount of protection against the procurement and trading of blood diamonds. The reason is simple. Blockchain functions like an ever-ledger which records every information in the blockchain. Thus, it would trace back diamond origins back to their source primarily to their mines.
- Transparency – The transparency of a blockchain ecosystem is unmatched since it gives full visibility to all the participants of the blockchain network. Today or tomorrow, the whole scenario would change but what would remain unchanged would be the blockchain records. Yes, the blockchain records are irreplaceable, immutable and
- Safety – The Diamond, gem and jewelry industry is always under the risk of scammers and network infiltrators who can malign a transaction. The need of the hour is to create a platform which would be safe and secured against possible external attacks using a decentralized protocol. Blockchain provides a simply immutable framework that would completely eradicate and remove the dependence on other technologies. It would safeguard a gem & jewelry trading ecosystem against external third parties which would charge remittance fees and expose the system to external attacks. Hackers often hack these third party remittance routes and break in through them.
In short, blockchain technology will transform the way trade is being conducted across the length and breadth of the gem & jewelry industry. Along with cutting edge speed and safety, this platform would also ensure unmatched safety, speed and accuracy for all participants within the iota of the gem and jewelry industry.