The benefits of blockchain technology are well-known across many industries. Q3 Technologies are pioneers when it comes to implementing blockchain technology, an essential aspect of record maintenance and dispute resolution, in the jewellery industry.
Blockchain is a digital ledger that is decentralized. It exists across multiple servers and is not owned by one user or organization. Transactions are recorded as blocks, which are, then, chained together to form complete transaction records.
Blockchain has become a way to trace the origin of objects securely and transparently. Blockchain application for jewellery (diamond) can be used to trace the provenance of jewellery and provides the transparency across the supply chain. Jewellery industry has relied on certificates to show a gem is not forged or originated from conflict zones.
This technology may be useful to streamline and analyse the supply chain processes. A transparent record of the transaction can also resolve the dispute resolution. If there is any dispute, instead of calling and following the process in a manual way, you could just click on a trusted chain, and you will be able to know what happened. This, basically, speeds up the process, and we can assure you that.
Couples, who choose an engagement ring, will be able to trace its entire history from the mine to the jewellery store very soon. Blockchain for jewellery (diamonds) industry set up by Q3 Tech makes it easier for various parties to jointly update and create tamper-proof records. It is well-suited to track records efficiently and to prove the origin of the jewellery.