The concept of permission ledger is not a new addition to the gem and diamond industry. The entire gem and jewelry ecosystem longed to have a permission ledger-based system to encompass the entire trading ecosystem. The pain areas for long remained significantly unaddressed in spite of repeated efforts by the industry leaders to regulate the entire trading ecosystem. It is followed with the probable solution in the form of a permission ledger system which promised to eradicate most of the problems associated with the gem and jewelry supply chain.
How the permission ledger works:
In order to understand the concept of permission ledgers, one has to understand the principle of permission ledgers. A permission ledger is basically a system where the participants are working in an ecosystem built out of trust and access is only granted to the permission participants. This structure automatically eradicates the problems of a third party or outsider involvement within the trading periphery. This ensures a unique consensus cum trust-based ecosystem where each participant is equal in terms of rights and freedom. The permission ledger promises to restore several problem areas especially when it comes to authenticity and provenance of diamond-like gemstones. Plus, it would also act as a platform that would completely eradicate the problems associated with transaction fraud. Off late, the concept of digitization has cleaved open several gaping wounds in the financial ecosystem of the entire gem and jewelry ecosystem.
The permission ledger system promises to eradicate and eliminate these problems with the utmost authority. With time, the permission ledger is expected to become a major game-changer within the jewelry and gem supply chain. It will create an Omni-Channel of trust, development, and growth within a large market.