Supply chain management is one of the areas where blockchain technology has been found to be very useful for organizations. Being able to track work and business processes, even products transparently is an implementation that is enabling businesses and industries to scale. Blockchain in supply chain management does not only provide for transparency in processes. It also enables traceability and helps adopters to easily audit their work and business processes.
MarketOrders, an online retail marketplace for jewelries of various categories is one of the frontrunners in blockchain implementation for purposes of supply chain management. The Co-founder and COO of MarketOrders, Sukhi Jutla explains the current scope and operations of the company with regards to blockchain implementation. According to Jutla, the company’s focus for now is limited to the supply chain between jewelry manufacturers and retail stores.
How Is This Possible?
For dealers and customers in the jewelry industry, this comes as a huge plus in the operational models. Being able to track jewelry items, ensuring authenticity and quality control has always been a very important aspect of the industry. Beyond that, how to manage cross-border transactions, which has been a bottleneck among jewelry traders and manufacturers also finds a solution in blockchain implementation. According to Jutla, her company’s solution will allow for payments to be made seamlessly across international borders between manufacturers and retail stores.
The tracking of jewelry items by MarketOrders is achieved through the introduction of smart sensors in the jewelry items. This will be instigated at the manufacturer level so that items are only dispatched from factories. The digital chip will include all relevant digital information and certificates already uploaded to the chip which can be read by anyone on the blockchain protocol. Jutla explains that later stages of the development will then be extended to governments and mining bodies once the company has proved this part of the supply chain as it is vital to have all players in the broader ecosystems participate in this initiative for it to be fully transparent.
A Direct Impact On Overall Blockchain Adoption
On a wider scale, Jutla expects this solution to generate more interest in blockchain technology as a whole among businesses and ultimately consumers. She says;
People need to see success stories that this technology works and also be shown how it can be used as there does exist an educational barrier right now which is delaying adoption. Adoption happens when the product is easy to use which encourages widespread network effects of adoption
Explaining MarketOders’ operational model, Jutla tells Coinstituency that this innovation enables transactions to be concluded in record time. Although data processed on the blockchain can take a few minutes to process, compared to other paper forms of information this is an unmatched improvement. “When an ‘event’ occurs, this is automatically tracked on the blockchain thanks to the use of ‘smart contracts’, say Jutla. “An ‘event’ can be when a payment is made or when the item reaches custom clearance at the airport before it is loaded onto the plane”.
Risk of handling is a top concern in the jewelry industry. Considering the high cost value of most jewelry items, tracking them during transportation is a crucial aspect in the supply chain management. As earlier mentioned, using blockchain technology enables a transparent tracking system. However, the concern comes with the actual implementation on the physical aspect of these products.
MarketOrders’ smart sensor adoption includes a GPS enabled feature, according to Jutla. It is this feature that will enable the location tracking of such items during transportation. However, the company goes ahead to make sure that all deliveries are carried out with insurance. The information on the chip will be available to all actors of the supply chain but also to the end consumer.
“MarketOrders will provide retailers with digital and user-friendly tools so they can promote their products as sustainable and ethically sourced. These tools will enable the end consumer to access the information not only when buying a product, but also when selling it on the secondary market later on. This will also participate in the wider adoption of the technology.”
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.