Challenges that the Jewelry sector might face with blockchain technology
Blockchain is making a prominent place in the market, and almost every industry seems interested in using this technology to enjoy its benefits. It is important to acknowledge that any chance is challenging at the initial stage. Barriers are highly common to small brands, some of which are also reported to have questioned the authenticity of blockchain technology at a certain point in time. Also, Blockchain in the Jewelery industry comes with a huge investment cost, the need to acquire a digital wallet, along with the need to browse through a lot of confusing jargon for getting on board with a blockchain development company that can assure building a customized separate blockchain for the brand. Also, the regular changes taking place with this growing technology are a constant challenge that needs to be addressed every now and then. While there are many things that need to be taken care of, the ultimate goal to keep pace with this adoption will benefit the industry in the present as well as in the coming years.
How Does Blockchain Technology ensure ethical trade for the Jewelry Industry?
The Jewelry industry is highly complicated, with even the positive components possessing hazards. The implementation of Blockchain Technology can help the banks as well as the regulators a measure to cut down this threat. While blockchain technology is yet to show its abilities in opening up a fair deal for this industry, it is yet believed that the capabilities Blockchain comes with will transform the world of gemstones, gold, and diamond trading. The types of cryptocurrencies available in the market can have a direct impact on diamond trading by mauling the history of cash resources, diamonds, and gold. However, as per the banking guidelines, it is essential to update and adhere to the KYB or KYC technique and indulge in a transparent deal with the cash resources to buy or change diamonds. While cryptocurrency hides the information related to the diamond foundation and the source of the money, Blockchain assures a transparent and authentic deal offering information about the diamonds. This can be used by traders to validate the source of money and the diamond quality, source as well as seal the transaction record and protect the supply chain against illegal selling and buying. Implementation of Blockchain in the diamond industry ensures fair dealings adhering to all the rules and regulations.
Use Cases of Blockchain in the Jewelry Industry
Transparent and verified system
We believe that the beauty and pleasure of wearing a piece of jewelery are enhanced only through a transparent and verified deal. Blockchain in Jewelry industry assures of transparent deal, offering you access to all information related to the product in question, its origin, previous ownership, price, and authentic bill of sale.
Establish healthy private connections
Q3 Technologies offer various blockchain technology services that encourage socially acceptable transactions, preventing compromised popularity, as well as establishing a good and healthy relationship between your brand and customers. Everything seems fine when you indulge in a deal with a company that uses Blockchain Technology.
Cuts down cost
We extend the Blockchain service to our customers to help them cut down the involvement of middlemen like banks. Also, you do not have to manually maintain ledgers and other documents. Besides, customers enjoy playing with cryptocurrencies which minimize the need to use and pay charges to the banks for credit and debit card machines.
Tracking diamonds
We care about cutting down the fraudulent activities and ensuring a safe deal with Blockchain technology. The amount of fraudulent activities present in the jewelry industry is reported to be the highest compared to any other industry, especially when it comes to dealing with diamonds. The use of Blockchain in the diamond industry helps with tracking diamonds securely.
Decentralized App Development
We at Q3 Technologies offer a secured decentralized Application for your company to help your clients enjoy access to high-end secured infrastructure and management. We even work towards creating a hybrid Ethereum application by skillfully covering the same in requisite third-party API for absolute functionality control.
Smart Contracts Development
Q3 Technologies provides scalable Smart Contracts Development Services targeting Ethereum and solidarity. You enjoy the privilege to hire our professional Ethereum application developers to design your customized smart contracts to ensure the security and safety of all the transactions in Blockchain.
Why Choose Q3 Technologies to develop Blockchain for Jewelry Industry?
We offer smart Contracts Development
Q3 Technologies provides scalable Smart Contracts Development Services by targeting Ethereum and solidarity. You enjoy the privilege to hire our professional Ethereum application developers to design your customized smart contracts to ensure the security and safety of all the transactions in Blockchain.
We are an expert in offering decentralized Application Development
We at Q3 Technologies offer a secured decentralized Application for your company to help your clients enjoy access to high-end secured infrastructure and management. We even work towards creating a hybrid Ethereum application by skillfully covering the same in requisite third-party API for absolute functionality control.
We help to develop a wallet
Q3 Technologie’s skilled team offers you wallet development services for online cryptocurrencies so that you do not let go of customers who are interested in a fair deal using their cryptocurrency. These wallets are highly secured and protected and only permit the users to store, send and receive cryptocurrency easily.
We work on private blockchain development
Q3 Technologies houses skilled professionals who have worked on customised, and private Blockchain development to fulfill certain business requirements along with solving the scalability issues pertaining to large, medium, and small companies.
Other Industries We Serve
Q3 Technologies is a dedicated team of professionals providing requisite and secured blockchain technology services to different sectors at a pocket-friendly rate. Our customer need-oriented service attitude has helped us to grow and has boosted us to work towards achieving a significant landmark in this industry.
