How Incentivized Blockchain System Can Improve the Jewelry Industry - Warped Factor - Words in the Key of Geek.

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How Incentivized Blockchain System Can Improve the Jewelry Industry

There are many aspects and benefits from building a blockchain-based application that can suit the particular needs of a business or industry. After many developer conferences and technological upgrades, the past couple of years have seen a surge in blockchain developers and users after blockchain technology has proven itself to be something the future is made of.

In one of the most recent episodes of CoinGeek Conversations hosted by Charles Miller, an experienced blockchain developer and user and one who aspires to build her own blockchain-based system from two very different industries talk about how the innovative technology can be used to improve their own supply chain. Founder and CEO of the Norway-based enterprise blockchain platform UNISOT Stephan Nilsson and co-founder and CEO of London-based online jewelry platform MarketOrders Sukhi Jutla engage in an enlightening conversation that shows how an incentivized blockchain system can help improve the jewelry industry as it has done for the seafood supply chain.

“We see micropayments as a key function in this whole supply chain and tracking system… To incentivize all the actors in the supply chain, we now enable everybody to both buy and sell information. So that could mean that the company that is breeding the fish for a long time, they can now start selling information about that fish… they can also sell small pieces of information to a producer that’s gonna make some product out of that or promote it to their customers,” Nilsson explained.

To this, Jutla expressed her agreement that it would truly benefit her company and the entire industry if they have access to pertinent market and customer information that will help them identify what sells in order to limit supplier product returns, on top of low-cost microtransactions that would minimize middlemen transaction fees. In addition, blockchain technology provides transparency to the system that Jutla said the jewelry industry lacks, which allows them to be vulnerable to fraudulent activities such as the swapping of products along the supply chain.

“We think it’s very important to have this incentivizing system between all the actors in the supply chain to buy and sell information and to subscribe to information. Because the problem with supply chains today is that you only have information one tier up or one tier down. You only have information from your immediate supplier and you give to your immediate customer. You have no idea what happens before your supplier’s supplier and your customer’s customer. But by having this system, I can actually subscribe to information from my supplier’s supplier—if there’s a delay or if they’re changing something and stuff like that—so that I can get that information beforehand,” Nilsson added.

Blockchain technology merged with an RFID system that alerts the blockchain about each high-value product’s location and status is what Jutla hopes to achieve in the very near future. This is the reason why the jewelry CEO is currently studying the technology, which in her own words is “a far more trustworthy and efficient way to do a process that’s already existing.”

To end the episode, Nilsson passionately advised Jutla to watch the Theory of Bitcoin episodes featuring insightful conversations about Bitcoin and blockchain technology with Bitcoin inventor Dr. Craig S. Wright and Money Button founder Ryan X. Charles as "they actually talk about every detail about how it’s not a cryptographic system, it’s not a technical system, it’s all an economic system.”

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