Influence of Blockchain on the Jewelry Industry

Posted by Parija Rangnekar On Filed under Blockchain App Development No Comments
Influence of Blockchain on the Jewelry Industry
Blockchain App Development
The evolution of money or currency is a fascinating read. The most primitive form of transacting was barter trade. Its premise was quite simple; the exchange of goods for goods. There was no set value for the items. Indeed it came down to subjective attribution of worth.
The first coins came from the Chinese people in 770 B.C. In 700 CE, they introduced paper money. Mobile payments made an entry in the 21st century.
Then came the newest entry, a digital or virtual currency, in 2009. Thanks to Satoshi Nakamoto, Cryptocurrency took the world by storm. The technology behind cryptos is blockchain. It has had far-reaching effects on all industries, and the jewelry industry is not exempt. Let’s explore the influence of blockchain on this specific market.

Jewelry Traceability with Blockchain

When you buy an expensive piece of jewelry, how can you determine its authenticity? One of the best ways is to trace it back to its point of origin. Let’s take the diamond jewelry industry as an example, to explain our point.
Even with a basic understanding of the industry, you can agree that the supply chain is quite complex. The stones pass through many hands before it gets to you, as the final customer. It comes from the mines as a raw, uncut stone.
Companies or individuals buy them and pass them on to diamond cutters. From there, jewelry designers buy the pieces. Out of these are products like stud earrings, wedding sets, and engagement rings.
The same applies to the best lab-created diamonds. From the labs, they will pass through the same supply chain. Along the way, there can be cases of document tampering. Someone can switch the products with fake ones, and you end up buying.
Blockchain is a perfect type of Distributed Ledger Technology (DLT). Think about it like decentralized databases in the shape of linked blocks. So, the lab or mine is a block. Secondary buyers are another block. Diamond cutters are a different block, and so on. Each block has participants that manage the information within.
The hash or immutable cryptographic signatures ensure no one can alter information. To do so, you must have user privileges. The blocks make it easy to track the diamond’s journey back and forth. Since data tampering is impossible, it becomes possible to authenticate the diamonds.

Greater Transparency and Quick Access to Information

As we stated above, any information that goes into the blockchain is immutable. In other words, it is unchangeable or permanent. The participants within each block can input data without relying on a third party.
The lab-grown diamond creators add information as it pertains to the production process. The following stakeholders in the blockchain do the same, and so on. Secure keys ensure no one within the blocks can tamper or change information. But, they can access the data anytime and anywhere.
Those within the supply chain have the liberty to verify information at any time they need to. They don’t have to pass through third parties to do this. It enhances transparency while ensuring quick access to information.
Further, there is greater efficiency with virtual documentation. No more paper invoices from each stakeholder in the supply chain. Instead, you get tamper-proof, traceable transactions at every stage of the supply chain.

Establishing Trust amongst Customers

Customers who buy high-value jewelry base their decision to transact with you on trust. Think about it for a minute. You are shopping for a diamond engagement ring. The budget will cost you thousands of dollars, which you are ready to spend. How likely is it that you will walk into a jewelry store and leave your money behind?
We can bet the answer would be quite unlikely. You will do thorough research on retailers and read tons of reviews. You may also base your decision to buy on a referral. Indeed, a solid industry reputation is key to the success of jewelry companies.
Blockchain technology provides a way to further earn trust. The transparency the technology affords is critical for the authentication of high-value jewelry. You don’t, for instance, need to rely on the seller’s word that you are buying a Rolex. You can demand access to information in the blockchain to establish the truth of the matter.
Providing such information to customers also passes on another strong message. It signals to the customers a willingness to develop close relationships with them. Indeed, you are letting them into what happens behind the scenes. Talk about a powerful marketing tool without focusing on the product attributes.

Addressing Ethical Issues with Blockchain

The jewelry industry has come under a lot of scrutinies over the years. This is especially true with regard to the diamond industry.
There is an ongoing concern about unethical mining practices. Questions around unsafe work conditions, child labor, health, and fatalities clog the industry.
Blood diamonds have become the reference to war zone diamonds. The proceeds go towards financing insurgencies and warlord activities.
Lab-grown diamonds have also raised some issues. Unscrupulous individuals perpetrate fraud by classifying lab-grown diamonds as natural mined diamonds.
Without transparency in the supply chain, overcoming ethical concerns can be difficult. There will be no way to trace the source or movement within the opaque supply chain. Blockchain provides a fantastic solution for overcoming such limitations. Transparency from the origin, journey, and final destination is clear to see.
No one can interfere with information thus giving more credibility to their records. The permanence of the communication means the data is always available. It doesn’t matter how many hands or marketplaces the jewelry goes through. Anyone who has an interest can refer to the virtual reports. Indeed reports are so specific that they apply to each diamond.
Diamond industry leaders like De Beers already have the Tracr Blockchain technology. The company positions the blockchain software as tamper-proof and provides assurance right from the source.

Final Thoughts

Blockchain technology within the jewelry industry has so many advantages. Virtual documents provide efficiency, transparency, and quick access to information.
The jewelry industry can establish the authenticity of its items. It provides a fantastic way to get customer trust and loyalty.

How Blockchain and IoT are Improving the Food Supply Chain?

Posted by Parija Rangnekar On Filed under Blockchain App Development, Internet Of Things (IoT) No Comments
How Blockchain and IoT are Improving the Food Supply Chain?
Blockchain App Development
Blockchain and IoT are the state of the art technologies that have set the wheel of INDUSTRY 4.0 on a roll. They involve multiple stakeholders and bring digital transactions, big data storage, and cryptographic security to the table. These smart practices and technologies have the capability to transform the food industry to make it more robust and sustainable. This article will give you an insight on how Blockchain and IoT are impacting Food Supply Chain.

What is blockchain?

Do you remember Skywalker from Star Wars keeping a record of things using ‘force’? Blockchain is the skywalker of the digital age which can help you to keep the track of things using digital systems. Blockchain is used to store data or keep records using technology.
Distributed Ledger Technology (DLT) means a digital decentralised database that helps to keep check against data theft. Blockchain is a type of DLT, which is a digital system for recording digital transactions. Its super strength lies in the fact that it can keep a tap on transactions and related data in multiple places at the same time. Can you imagine a huge chain of boxes linked together? Blockchain stores data in blocks that are digitally chained together and computers in this system are connected to a peer-to-peer network instead of a central computer like in traditional databases.
So, Blockchain technology is preferred over conventional databases in how it stores and manages information. These days, the whole world is getting digitized and so cyber security is the new basic need of industries and people. Blockchain is designed to make it impossible to hack the system making it secure and immutable. Hence, Blockchain technology is getting more traction and it is being wide used by many businesses.

How blockchain is used by food supply companies?

Three years ago the world experienced something unimaginable. Many businessmen skipped their heartbeat and many companies left to face the inevitable. The COVID-19 disaster cut opened the existing fault lines in the supply chain. The nature of the food industry is such that it is vulnerable to timing, delivery and safety. If the food supply chain perishes, the whole human race perishes. Hence, to conquer such uncertainty, blockchain offers an amazing solution. Let’s take a deeper dive into the Blockchain and understand the impact it’s having on the food industry.
  • Blockchain ensures food safety. It can trace the food supplies from suppliers to buyers.
  • While of course, among the other benefits, balancing market pricing is one of them. It establishes a ledger in the network and adds value to the current market.
  • Blockchain is thoroughgoing. It helps by giving information about the entire value chain.
  • It is effortlessly easy to use for the participants. Access the records in your comfort without any hustle. It may help to give you an idea about the universal and total outline of supply and demand.
  • The blockchain apps for trades might upscale traditional commodity trading and hedging as well.
  • If transparency is something you are looking for in a business, then Blockchain is a big YES for you. It enables verified transactions to be safely shared with all players in the supply chain, creating a marketplace with immense transparency.
Food supply chain companies use blockchain to track and trace items as they move through the supply chain. The government and various industries are using blockchain as the basis for smart contracts and other mechanisms for transferring and protecting intellectual property rights. Many industries that want to revolutionise their business strategies are now exploring blockchain-based applications as a secure and cost-effective way to create and manage a distributed database and maintain records for digital transactions of all types.
Hence, blockchain is being considered as a viable solution for securely tracking and sharing data between multiple business entities. Along with blockchain, a few other technologies like the Internet of Things (IoT) is also contributing to the blossoming future of businesses.

What is the Internet of Things?

Do you want to turn on and turn off the car in your garage without moving a foot and enjoying soda sitting on your sofa or do you want to save energy and switch off lights in your house? You can do all this without moving a foot and with just your single command with IoT.
Internet of Things refers to the combined network of linked devices and the technology that facilitates communication between devices and the cloud, as well as between the devices themselves. With the 21st century, the internet went on to reach everywhere. But more soothing than this was the advent of super-cheap computer chips and high bandwidth telecommunication which enabled billions of devices to connect to the internet. So from smaller devices like the table lamp to the bigger devices and things like cars, houses can use sensors to collect and store data and respond intelligently to users.
The Internet of Things incorporates everyday “things” with the internet. This has offered tremendous space for food supply chains to explore the area. The major drawback of the food supply chain was the irregular interconnection. IoT, thus indulging the interconnection between the various stakeholders of the supply chain helps to create an effortless and effective system. As computing devices also underwent a revolution, they were reduced in size, these chips also became smaller, faster, and smarter over time.

Multiple benefits that IoT offers to the Food supply chain industry

So, let’s look deeper into IoT and the impacts it is having on the food industry
  • It is cost-effective
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    The cost of syncing computer devices with other objects has now been reduced handsomely. It has opened a new avenue for the food supply chain industry as B2B businesses always look to reduce the investment and increase profits. Though costs of IoT are allied, they effectively increase the main course and profits.
  • It soothes the process
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    The food industry can’t endure staying behind. Globally, the population has been booming and so the onus lies on the supply chain to balance the needs of the human race. The food industry, hence, has revolutionised itself with a focus on pouring our storehouses, businesses, and offices with IoT devices. These smart devices can automatically transmit and record data to and from the Internet. Which eases the surveillance burden of the contractors.
  • It makes tracking easier
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    The Internet of Things is everywhere. From manufacturer to retailer’s market to consumers while they shop, IoT devices can help to track the food supply movement. In the food supply chain, data is used by companies to track and trace products movements, analyze trends of their usage, easily communicate with people, automated machinery, and many more endless uses. So IoT makes the hustle free tracking of every stakeholder of the food supply chain.
  • Readjustment with the global trends
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    COVID 19 had skipped two good years from the lives of the people. Globalisation has reduced the boundaries and borders and brought the world closer to each other. But when disasters like COVID struck the world, it was nearly impossible for the world to avoid them. But with the IoT, these kinds of readjustments are now way much easier.
    The IoT is made up of sensor-embedded devices that captures the data and then transmits volumes of data from all types of IoT devices to the Internet, machines, people, and beyond. So, by analysing the trends at any end of the supply chain, we can easily readjust the whole food supply chain cycle.
  • It can spread awareness and make monitoring serene.
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    While the IoT offers novel uses in the food industry, it can replace the long used tracking practice of logistics. Gone are the days when it was difficult to keep track of the ordered products. Now companies can use smart labels to give consumers full visibility into their supply chain. Customers can simply scan the package’s QR code, and learn if the package has left the factory or when, and how each ingredient made its way into that particular product. This way, IoT is helping the companies to be aware of the purity and elevating food safety practices.
  • It can upscale the management of warehouses.
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    It is not just the food production, but the storage in the warehouses is also a huge task for food manufacturers. Manufacturers install sensors for timely monitoring, quality control, leveraging real-time analytics to streamline production, measure worker productivity, and calculate labour costs. IoT with real-time maintenance capabilities could automatically fix its own malfunctions before they occur.
According to the Food Industry Executive Report, researchers predict that more than 34 billion Internet-connected devices will be in use by 2020, 40 percent of which will be used for business-related purposes. In the supply chain, the IoT enables real-time monitoring, transparency, huge data collection, and more effective and automated problem solving than conventional methods. To prepare for the future of demands, stakeholders of the supply chain must indulge the practice of IoT and effectively start to include the smart practices in the business.
The pantheon of the INDUSTRY 4.0 is being led by smart practices like the blockchain and IoT and we at Biz4solutions are working hard to upcycle your business dreams. We bring not just the conventional solution but also offer smart ways to upgrade your business and increase the productivity of your business. It’s your time to say YES! Allow us to help you with Digital transformation, robotic process automation, IoT, blockchain app development, cloud solution, mobile apps and many more state-of-the-art services. Drop your email in the comment box and relax, our experts will get in touch with you shortly.