Tuesday, June 2, 2020
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BlockChain Technology for Gems and Jewellery

Block Chain Technology for Gems and Jewellery
What is blockchain?

Bitcoin is an implementation of blockchain and blockchain is used in various fields. Blockchain allows you to transfer money peer-to-peer without any middleman. When somebody tries to make a transaction, the network itself validates the same, not banks. The biggest advantage is that the money transfer is peer-to-peer, as mentioned above. This whole thing is the implementation of blockchain. Blockchain is nothing but a database. We can add and modify important data, anytime. The best part is that no random person can hack or modify your data. Participants can enter the value as simply as SMS. Another advantage is that once you enter something, you can easily check the history of the transactions. Bitcoin is an implementation of blockchain. You can even hide the data you do not want others to see.

History

Started in the 1990s to early 2000. In the year 2004, there was a concept called BitTorrent, using which people used to download movies. In the year 2009 Bitcoin came and there were too many cryptocurrencies in the market. In the year 2010, the first transaction of Bitcoin happened and somebody used it to buy pizza. Now in 2020, the value of bitcoin is 160 million dollars. There were many other applications of Bitcoin 2025 onwards. Bitcoin can be used for land records. It normally involves a lot of paperwork and transaction formalities.

Security

If someone wants to transfer data securely, blockchain can be used. Healthcare can also take advantage of this popular technology. Let us now see how successfully it can be used in the jewellery business. The current situation is difficult and by using blockchain, a jeweller can make things manageable. The current scenario is that people are locked down and are no more buying jewellery as no physical delivery is possible. Jewellery is considered a non-essential item now and no more getting delivered.

Jewellers have to analyse their inventory and accordingly create digital platforms to sell the same. They can sell e-gold via an e-commerce platform and can get instant payments. Customers also get digital or blockchain clones of the jewellery as a guarantee. Customers can exchange the blockchain clone for the physical product anytime, over the next 6 months. If it exceeds 6 months, jewellers can charge the storage cost.

There should be something which can make the whole online jewellery shopping process easier for both jeweller and customer. It should be easier for jewellers to sell online and for customers to build trust. Jewellers must be able to manage finances and cash flows.

Mapping existing inventory

Jewellers should be able to display the existing inventory online and the customer must be able to check it. Once the customer gets the digital or blockchain clone of the jewellery piece, he can exchange the same for the physical product, in the next 6 months. Customers should have the trust that the jeweller is holding the physical product and will hold it further until the delivery. The trust that it is the same jewellery piece he/she ordered online. Question is – how to build that trust? Here, blockchain technology plays a crucial role. The customer gets a barcode having an 8 digit ID, after placing the order.

Euler

It is an all-in-one finance and e-gold platform for jewellers. You can easily manage all your financing and cash flows. Please follow the link – http://chainflux.com/euler/

Trade finance

All transactions can be done easily on a single platform. Everything can be done via digital signature. Banks, logistic providers, jewellers can come together. The entire process can be tracked easily.

Invoice financing

Using blockchain all invoices can be put on a single platform. The supplier and the vendor are also thereafter seeing the invoice, they are going to make the payment and the invoice is automatically reconciled. The transparency will be there.

Mines to Market
the authorMines to Market
Prashant Rathod

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