The Peer to Peer network-based transactional model is one of the most robust platforms available in today’s business ecosystem. The P2P is chosen over others owing to certain intrinsic characteristics that are not present in other systems. Some of the major advantages available for Peer to Peer transactions are
- A network operating system is not a mandate for P2P transactions.
- An expensive server is not required since individual workstations are used to access files.
- It does not require specialist technicians who would be doing the repairing aspect.
- It is easier to set up a peer to peer, transactional model since it does not require a high level of specialization to do so.
- This system eliminates the risk of single-point failures especially due to the decentralized structure. Decentralization is one aspect that completely changes the complexion of an entire technological ecosystem.
- If a single computer fails, then the entire network will not face any kind of disruption. This is sheer beauty in terms of network capitalization and seamlessness when it comes to the operational efficiency of a particular network.
How the P2P transactional model can put a major difference to the entire ecosystem of different trading peripheries like the gem and jewellery industry?
In simple terms, the P2P model with the Proof of Ownership and Proof of Stake simply makes it one of the most reliable transactional platform. Hence, it is a great innovation in front of the gem and jewellery ecosystem. The P2P ecosystems attract a significant amount of unexpected benefits for the participants within the gem & jewellery ecosystem. The process of disintermediation is one of how the local involvement of third parties in a transaction is eliminated. This helps in a substantial amount of risk mitigation by minimizing risk participants within the trading periphery.
The diamond industry has a lot to benefit through this process. Now, diamond investment is part of global public trade. Once, the investors invest in a particular diamond, he gets a reciprocal Safe Keeping or Storage Receipt. The ownership can only be verified using the Proof of Ownership mechanism. Asset Ownership can easily be verified online. The asset verification process is also validated using a video of the actual diagram to physically verify the asset. Asset-based ownership will redefine the entire spectrum of trading in the business ecosystem. The gem and jewellery industry would also be meaningful beneficiaries from the Prof of Ownership mechanism.