The road towards an open diamond marketplace built on a trust chain is a reality with the ever-ledger. For long, the gem and jewelry industry has suffered due to a lack of trust and provenance within the trading ecosystem. Plus, there have been several issues associated with the authenticity of gems and jewelry circulating within the supply chain. The answer to a majority of these problems can come with a digital ledger storing all transactional data and a smart contract mechanism validating them based on a set of pre-defined sets of regulatory compliances. Once the validating checks are verified, the smart contracts allow the transaction to pass through. The ecosystem of the trust-based transactional model allows every participant of the gem & jewelry supply chain to safely trade with each other within a robust business economic system designed for mutual growth.
The Features of the New World Order in the Gem and Jewelry Ecosystem Built on a Trust Chain:
- A digital ledger which tracks all transactions stores the information
- The system is completely immutable and cannot be erased
- All transactions are time-stamped leading to a tamper-proof trading environment
- Every transaction right from its origin to its presence can be backtracked giving amazing traceability
- The same platform can be extended for financial transactions and establishing credit lines for approved participants and members of the business ecosystem
- Compliant with the world regulatory bodies controlling the gem & jewelry trade
The integration of the entire gem and jewelry industry within a single architecture would ensure
- Significantly reduced processing time
- Very secured online transfer of documents
- Instantaneous settlement
- Cryptocurrency based transactional payment options
- High level of data protection through data encryption
The future of the gem and jewelry industry lies in an integrated business ecosystem to accommodate everyone starting from miners to the retail chains associated with the final checkout points. With full proof security and the ease to transact with utmost safety across boundaries; the entire gem and jewelry marketplace would be a secure, open and mutually beneficial business network.