MarketOrders launches blockchain to prevent gold and jewellery fraud

From: RegTech Analyst

Gold and jewellery marketplace MarketOrders is launching an end-to-end blockchain solution in order to combat inefficiencies and minimise fraud.

The idea is that the distributed ledger technology will enable independent jewellery retailers to source products quickly and cost-effectively directly from global manufacturers.

To successfully do so, the solution 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.

“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,” said Sukhi Jutla, co-founder and COO of MarketOrders. “These outdated processes lack transparency in an age where consumers demand products to be sustainably and ethically sourced.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.”‘

Ram Krishnna Rao, co-founder and CEO of MarketOrders, also celebrated the new initiative, saying that it nature of each product being on a blockchain would ensure no records were tampered with.

“This allows you to see the full history or journey of the data or product in question,” Rao continued. “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.”

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