MarketOrders, an award-winning B2B marketplace for the gold and diamond jewellery industry, is set to launch the UKs first end to end blockchain solution in order to combat inefficiencies and minimise fraud.
The blockchain technology enables independent jewellery retailers to source products quickly and cost-effectively directly from global manufacturers – slashing the current time it takes to get products delivered from weeks and months to days.
It will digitalise all aspects of the supply chain from the mines of origin for gold, metals and stones to manufacturing and shipping to the end consumer; creating a digital footprint easily recorded, visible and trackable in real-time.
The news of the launch comes after MarketOrders raised over £430,000 on Crowdcube.com with plans to modernise the antiquated jewellery buying process and elevate it to become more transparent and profitable.
Outlining how the end to end solution will benefit the industry, MarketOrders has today published a research paper exploring the use of blockchain technology to bring more transparency and trust to the supply chain in the jewellery industry.
Following two years of research, MarketOrders is aiming to boost disruption in its industry and highlight its technology development plans. The startup believes that if the industry doesn’t adapt to consumers’ changing demands, they risk being left behind. According to MarketOrders, blockchain technology is one of the answers.
Sukhi Jutla, co-founder and COO of MarketOrders, said: “As recent months have shown, it’s important more than ever to have an online presence and we found that 90% of retailers in the industry currently don’t have that in place.
“Of all industries in the world, the jewellery business is one of the most traditional and the most reliant on direct interaction between master craftsmen and merchants. These outdated processes lack transparency in an age where consumers demand products to be sustainably and ethically sourced. Embracing the power of blockchain will put the control back into the hands of the retailers by proving provenance of the products and making the end-to-end sales and supply processes more transparent, efficient and profitable.
“We’re thrilled to introduce the technology to the industry to help time-poor retailers overcome challenges such as trust and cost implications in the supply chain. We are passionate about supporting independent retail jewellers and believe blockchain technology will revolutionise the sector and further empower smaller retailers.”
The 60-page document details what challenges the jewellery sector is facing, how it could benefit from blockchain technology and why it should embrace it now more than ever. It also describes MarketOrders’ plans and implementation of the technology into its own marketplace.
Ram Krishnna Rao, co-founder and CEO of MarketOrders, said: “The fact that no one ever has the ability to go back and change or tamper with the data makes blockchain particularly useful for the retail supply chain for physical products. This allows you to see the full history or journey of the data or product in question. It also makes global transactions borderless with the use of cryptocurrency as a mean of payment; faster by using digital contracts called ‘smart contract’; and cheaper by cutting off middlemen.”
MarketOrders tackles the three major problem areas small jewellery retailers are facing today: lack of transparency, high costs and lack of digital innovation. With the implementation of blockchain technology coupled with industry expertise, there is the innate possibility to streamline processes while increasing and securing trust. This results in higher profit margins and healthy, growing small businesses that quickly and easily meet customers’ needs, providing them with the products they seek, with optimised lead times, and full transparency.
Sukhi Jutla concluded: “Our core values of bringing the highest levels of trust, transparency and integrity to jewellery retailers also aligns with the core components of blockchain technology. We aim to create a transparent, efficient ecosystem, that benefits all stakeholders in the raw materials and jewellery value chain, from source to end consumer.
The research document is currently available to download for free at https://marketorders.io.