Provenance has always been a major area of concern for the gem & jewelry industry. With retail stores offering a majority of the gem & jewelry sales, there has always been a minor element of doubt in the mind of the participants of the retail network. To understand the concept better, one has to understand that the retailers, as well as the customers, are not sure about the origin, authenticity, and quality of the items they are purchasing. The same story is also applicable to the gem industry. The certificates of authentication and origin are not always satisfactory from the perspective of the buyers. This problem can be addressed with the hyper ledger or the blockchain-powered jewelry and gemstone supply chain. Along with the origin, it would also be able to confirm the authenticity of the products being traded in a trading ecosystem.
The answer to all the questions related to the provenance of gems and jewelry can be answered singlehandedly by a hyper ledger-based solution. Such a platform ensures unmatched traceability, security, and authenticity in the gem and jewelry industry.
The hyper ledger will leverage the entire gem and jewelry supply chain with a trust chain. The concept of a trust chain eventually comprises and ensures
- Ease of transactions with verifiable smart contracts consolidate important data regarding the individual attributes of jewelry and gemstones like quality, cut, carat and color
- The consolidated data is tracked on a continuous immutable digital trail for every physical gem & jewelry
- Assures traceability, provenance, and authenticity right from the mines to the craftsmen to the final retail, online and wholesale checkout points
To sum up, we can say that the hyper ledger can track a gem or jewelry through the entire value chain, ensuring unmatched asset traceability assurance in a way that was just impossible to have in the past.
Hyper ledger digitally verifies the gemstones and precious jewelry to ensure that all intermediaries and participants involved in the value chain are functioning with honesty and integrity. Member participants who are not compliant can be easily identified and rejected from the system.