MarketOrders COO & Co-Founder, Sukhi Jutla, is shortlisted for the European Women in Finance Award!
Markets Media Group and Best Execution Magazine present the inaugural European Women in Finance Awards. Following the model of Markets Media’s very successful Women in Finance Awards programs in New York and Hong Kong, the European event will recognise and celebrate leading women in all corners of the financial industry.
See the list of nominees here.
“MarketOrders, the leader in global gold and jewelry business deals with unique issues that have received little attention from those who could bring the industry into the 21st century”, wrote Christopher Hamman, journalist at E-Crypto News.
He asked our team 10 questions about the jewellery industry and how technology can improve outdated processes, thus bringing more transparency, speed and trust.
The most common misconception of being a great leader is of the person who stands at the front of the business shouting orders to the hundreds of staff. But this is not what great leadership is.
Great leaders encourage, motivate, and empower their staff to keep moving ahead whilst they stand at the back. They can see what is going on and act as a mentor and guide to the rest of the company.
Some people have facilities to lead, but it doesn’t mean that you can’t learn it.
MarketOrders CEO, Ram Krishnna Rao, wrote an article for Morning Lazziness titled ‘5 Tips To Become A Great Leader’.
Palladium is a precious metal, often compared with platinum, which has various applications in the chemical and electrical industries, jewelry and dental fields.
Even though investor demand is small, the price of palladium has been outperforming other metals in recent years.
Our Co-Founder & COO, Sukhi Jutla, was recently quoted in US News article ‘Should You Invest in Palladium?’. She said: “There has been consistent growth for palladium in the past four years driven by increased demand due to increasingly stricter pollution laws, meaning manufacturers are having to increase the amount of palladium used in each catalytic converter”.
Read the article here.
You’ve always wondered what exactly are cryptocurrencies?
We, at MarketOrders, have answered burning questions about how they work and how you can benefit from them.
If you’d like more information about how MarketOrders is using cryptocurrencies and learn about some real-life case studies, download our White Paper here.
Let’s start at the very beginning:
What is cryptocurrency?
A cryptocurrency is a standard currency used for making or receiving payments on the blockchain. The current most popular cryptocurrency is Bitcoin. Each cryptocurrency is a specific virtual currency with its own dedicated blockchain in which it is used for some form of digital transaction.
What is a token?
Tokens are special kinds of virtual currency tokens that reside on their own blockchains and represent an asset or utility. Most often, they are used to fundraise for crowd sales, but they can also be used as a substitute for other things.
What is the difference between a coin and a token?
A coin has its own blockchain when a token does not, therefore tokens run on someone else’s blockchain while coins run on their own blockchain. For example, Bitcoin is a coin because it runs on its own Bitcoin blockchain, whereas the MarketOrders token will run on the Ethereum blockchain. Coins are usually only used for payments, while tokens can be used to access products and services. Tokens are a utility hence why they are commonly referred to as utility tokens.
What is a smart contract?
A smart contract is a computer program or a transaction protocol which is deployed on the blockchain. It is intended to automatically execute, control or document relevant events and actions according to the terms of a contract or an agreement.
The objectives of smart contracts are the reduction of need in trusted intermediators, arbitrations and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.
Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data. Following the distributed model of the blockchain, smart contracts run on every node on the blockchain and each contract’s data is stored in every node. This data can be queried at any time. Smart contracts can also call other smart contracts, enforce permissions, run workflow logic and perform calculations, etc. Smart contract code is executed within a blockchain transaction; the data stored as a result of running the smart contract (i.e. the state) is part of the blockchain’s immutable ledger.
Why use tokens / cryptocurrency, why not stick to cash?
Payment businesses have gone through a revolution in the last few years. From blockchain and FinTech, to artificial intelligence and cryptocurrencies, the world of international commerce is moving faster than ever. A cryptocurrency is a digital asset that is kept on a shared ledger called a blockchain. The blockchain cannot be altered, which means that funds and goods can be transferred securely. This increases transparency and reduces the possibility of fraud.
It is not a surprise to see that both merchants and consumers are turning to cryptocurrency payments as a cheaper and more efficient payment solution. Many major online merchants are already beginning to onboard crypto payments. Cryptocurrency payments have the potential to create a more borderless
and globalised economy, as well as fighting financial inequality by bringing fast and secure financial services to people without access to a bank. This is a big win for everyone in online and offline payments.
Cryptocurrency is a somewhat lawless industry so why does MarketOrders believe it can “police” the jewellery industry using this lawless system?
MarketOrders believes that by creating a trusted network of participants committed to this new way of doing business it will be able to successfully implement cryptocurrency and blockchain into the jewellery industry. Trust will be built by publicly sharing its progress and development. Cryptocurrency regulations are constantly evolving, with some governments creating their own cryptocurrencies, and MarketOrders is constantly working with specialised lawyers to ensure it is complying with changing laws.
Cryptocurrencies are volatile and not regulated – how do you deal with this?
At less than ten years old, cryptocurrencies are a relatively new class of asset hence their volatile prices. MarketOrders hopes that white papers like this will highlight the growing demand for crypto- based assets which can help many industries, especially logistics and supply chains. One aim of the white paper is to change the narrative of negative connotations of cryptocurrency by demonstrating its use in the jewellery industry.
MarketOrders hopes evidence and results from real-life case studies will help to create suitable regulations to protect investors and consumers, and also give consumers a greater choice of assets to spend with or invest in. We live in an increasingly digital world and it is likely that we will see the move to a digital cash society to suit our digital lifestyles.
We hope we’ve provided you with answers!
If you’d like to know more about MarketOrders’ cryptocurrency, the MOT token, and potential early-stage investment, sign up here.
You’ve always wondered what exactly is blockchain technology?
We, at MarketOrders, have answered burning questions about how it works and how you can use it to bring transparency and speed to the supply chain.
If you’d like more information about how MarketOrders is using blockchain and learn about some real-life case studies, download our White Paper here.
Let’s start at the very beginning:
What is blockchain?
At its most basic level blockchain is a chain of blocks, but in the context of digital information (the “block”) stored in a public database (the “chain”).
Blockchain is the core technology behind Bitcoin. At its heart, it is a distributed data store. Anyone who participates in the blockchain network can have access to all transactions that ever happened on the network (this is also known as the distributed ledger). Entries are stored within a cryptographic chain of blocks. At every stage, the network of participants must agree to the latest block of transactions. An agreement is reached through a process of majority consensus, eliminating duplicate entries, double spending etc. This process and the cryptographic layering of the blocks make the agreed blockchain irreversible and immutable. The ‘history’ of events within the blockchain cannot be modified by any one of the participants without majority consensus from the group.
What is a private blockchain?
Private (also known as permissioned and consortium) blockchains are deployed either within an organisation or shared between a known group of participants. Private blockchains can be limited to a predefined set of participants. In this case, no one else can access the blockchain or the data residing on the blockchain. These blockchains can be secured in a similar way to securing other integrated enterprise applications (e.g. firewalls, VPN etc).
Is blockchain technology too complicated to be implemented at a supply chain level?
Supply chains are complex because there are many moving parts and different actors or participants along the chain that perform separate and unique functions. The key is to get adoption and agreement from each participant to commit to using the blockchain as the one true ledger. Greater adoption can be sought via more information, education and communication to all parties involved. The MarketOrders white paper is a resource for educating participants on implementing blockchain at a supply chain level.
What if the blockchain contains incorrect or fraudulent data?
The data you get out is only as good as the data that is put in, so it is vital for accurate data to be entered into the blockchain in the first instance. If a data input is deemed incorrect then the consensus mechanism inherent within the blockchain would ‘vote’ the data as incorrect and reject it and not ‘add’ it to the next block of data.
How do you keep the supply chain secure?
A blockchain is a type of distributed decentralised ledger (DLT). In a DLT, data is stored on and replicated across a network of multiple different computers or nodes. The data can be accessed and added to by anyone in the network, but no one person or entity owns the data. In a supply chain DLT all members of the network, from the suppliers to the customs agents to the retailers, work from the same data and are able to read and write to this ledger.
A blockchain is a type of DLT which uses cryptography to record secure ‘blocks’ of data. The data is stored on a network which can be accessed by multiple parties who can view and read the data, as well as write new data or create new blocks which contain new information. This network of multiple editors feeding into the chain is known as a peer-to-peer network. This ‘chain’ of data stored in ‘blocks’ is secure because data can only be added and not removed. No one party can go back and change or tamper with the data, allowing every participant in the network to see the full history or journey of the data or product in question.
How will you keep sensitive or private information secure?
Digital signatures and cryptography seals ensure the security of sensitive or private data and information.
Blockchains are transparent – what if you don’t want this level of transparency especially for a business?
Transparency is always a benefit in terms of the supply chain as it will help to speed up the entire process for all participants involved.
With so much data on the blockchain won’t this cause storage issues?
Blockchain ledgers can grow very large over time. The Bitcoin blockchain currently requires around 200GB of storage. The current growth in blockchain size appears to be outstripping the growth in hard drives and the network risks losing nodes if the ledger becomes too large for individuals to download and store. At this point in time it could seem that there are potential storage issues. However, developers are constantly working on different ways to store data, such as smart ships as an alternative storage solution, as well as looking at how to limit the amount of key data that is stored. Cloud storage can also be used to store and access files and the blockchain, which is what Publica.com,
a blockchain based publishing start-up, does. They store book files in a cloud server where private keys are used to unlock access and show transactions relating to the book.
Why not just stick to a spreadsheet if the blockchain just records data – what’s the difference?
The main difference is that a spreadsheet still only has one owner who can effectively change the data. Data on the blockchain is published onto a public ledger and needs to go through a process, known as consensus mechanism, to ensure that each entry is valid.
This tech is energy intensive and uses too much electricity so why should we use it?
The cost of anything is always high when there is limited use. Economies of scale emerge when more people adopt and use the technology, and this is what we hope to see in the coming years. Developers are continually working on the blockchain to develop new ways and ideas of creating a more efficient blockchain and this will also come to fruition in the coming years.
We hope we’ve provided you with answers!
If you’d like to go further into blockchain technology and how it can revolutionise the jewellery industry, download our White Paper here.
What is the actual role of blockchain technology in the global era of digitisation?
Coinstituency answers this question in an article discussing mainstream adoption, change of ideology and suggests solutions to move forward.
Our Co-Founder & COO, Sukhi Jutla, said: “The biggest hurdle towards blockchain technology is greater adoption and it comes down to a lack of education in understanding and communicating to users how blockchain actually works and how you can benefit from it.
The internet was around for over 30 years before it exploded and everyone was using it. She explains that the reason everyone started using the Internet is because we were able to create a user-friendly interface, which was simply the web browser that now made it easy for a non-technical user to access it.
Before the invention of the web browser, only programmers could use and access the Internet because only they could understand the coding language behind it. The same applies to blockchain technology today. We are yet to get to a place where we have an easy to use and user-friendly interface. Even today, there are multiple steps that need to take place in order to open wallets, transact and move payments around. Blockchain technology has the additional hurdle of also not getting enough support in terms of government regulation or the lack of regulation around how to use blockchain technology.”
She concludes: “In order for any technology to thrive, you need to have an environment that is conducive to innovation and growth. Going back to the Internet, this technology was actually being created by governments and armies, which is why it had ample funding and backing behind it. We also need to have this level of support towards blockchain technology if we are going to see this technology thrive and for regular people to use it in their day to day life.”
You can read the full article here.
The release of our White Paper early August has generated 16 articles in the press and caught the media’s attention. As a result, MarketOrders was recently interviewed by E-Crypto News for an exclusive.
Our Co-Founder & COO, Sukhi Jutla, answered 13 burning questions about our technology plans, blockchain technology, token ecosystem and the future of MarketOrders.
MarketOrders is honoured to have its startup journey featured in Ramesh Dontha‘s new book, ‘The 60 Minute Tech Startup’.
He said: “When I read stories of companies like Uber, Facebook, Airbnb getting started in a dorm room or someone’s garage, it seemed like fantasy and unreal. But when I talked to dozens of entrepreneurs for my second book ‘The 60 Minute Tech Startup’, it is all so real as many of them have done just that.
All of these people have inspiring stories. Some like Gundi had successful careers before starting their own ventures. Others like Vartika still working their way up. Someone like Kunal has built a powerhouse like Analytics Vidhya from scratch. Sukhi works on cutting edge technologies like blockchain.
So proud and honoured to have interviewed them for my book.”
You can buy the book on Amazon here.
MarketOrders was recently featured as a success story by WeGate, the European Gateway for Women’s Entrepreneurship.
The portrait includes our COO, Sukhi Jutla’s advice to women entrepreneurs who are struggling in times of COVID-19; she said:
“Running a business, at the best of times, is never an easy endeavour as there are just too many moving parts and so much to do. Through in a global pandemic and that can add even more stress and strain on continuing to push forward to just keep your head above water.
If you find yourself in this situation know that you know your business better than anyone else and if you have already succeeded at coming this far, trust you have what it takes to find the solution to any problem that comes your way. That is the real strength of any entrepreneurs- the ability to keep pushing forward and finding a way no matter what and you can do this too.”
