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MarketOrders nominated for the European Women in Finance Award

MarketOrders COO & Co-Founder, Sukhi Jutla, is shortlisted for the European Women in Finance Award!

About the Awards:

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.

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MarketOrders News

Everything you need to know about cryptocurrencies

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.

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MarketOrders Newsletter: latest news coming your way!

MarketOrders sends a newsletter every two weeks to share the latest news with our supporters, investors and followers.

If you’d like to get it, get in touch!

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Everything you need to know about blockchain technology

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.

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MarketOrders News Press Coverage

MarketOrders gets featured in Ramesh Dontha’s new book

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.

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Behind the scenes of the Bank of England’s gold vaults

Did you know that the Bank of England’s gold vaults hold £194bn worth of gold bars?

If you stacked them all on top of each other, they would be the same height as 46 Eiffel Towers. 

They hardly ever let anyone in to film, but the BBC’s Frank Gardner has been given access to the Bank of England’s gold vault. 

Click here to watch the short documentary.
Filmed and edited by James Wignall and Erica Brown

The gold is sourced from all over the world and here are a few numbers worth noticing:

  • The bank has more than 400,000 bars, roughly worth £200 billion
  • Enough to make a billion wedding rings
  • Or cover the UK in gold leaf 6 times
  • 1 bar is worth around £475,000
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Creating a more efficient, transparent and trusted supply chain using blockchain technology

Transparency and authenticity are the first considerations while purchasing fine jewellery. In the current scenario, with most of the purchases happening on the e-commerce platforms, it is only fair to say that consumers expect authenticity in what they purchase.

So, how can we create a more efficient, transparent and trusted supply chain for the gold jewellery industry using Blockchain Technology?

At MarketOrders, we believe the jewellery industry could benefit from adopting new technologies that help to create these higher levels of transparency. 

One of these innovations is blockchain, and we spent the last two years conducting our research into how this technology can positively impact the trade industry.

The digitisation of processes and certification of diamond and gold jewellery, as well as loose stones, can foster increased levels of confidence across the trade industry amongst crucial players such as retailers, suppliers and miners.

Have you downloaded our free White Paper on How to create a more efficient, transparent and trusted supply chain for the gold jewellery industry using Blockchain Technology?

Click here to download now.

Check out our top picks below where our White Paper has been distributed to a readership of 2,154,297 readers via the publications below:

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MarketOrders releases White Paper on blockchain tackling the jewellery industry’s inefficiencies

Following two years of research, MarketOrders has published a research paper exploring the use of blockchain technology to bring more transparency and trust to the supply chain in the jewellery industry.

Just as the emergence of the internet gave rise to many new ways of trading, researching, communicating, learning and more, which we could not have foretold, blockchain will be the next development to give rise to a new way of doing business, shopping as a consumer and even living. The scope is just as big, and the time to explore and implement it is now.

The gold and diamond jewellery industry is plagued by issues caused by fragmentation and also suffers greatly from the difficulties of authenticating jewellery and proving provenance. This whitepaper’s aim is to set out why we should look to develop blockchain technology to enable secure online payment and certification and explains how this will significantly enhance trust and transparency within the supply chain, driving further efficiency gains.

MarketOrders is harnessing the power of blockchain technology to revolutionise inefficient legacy supply-chain systems in the B2B jewellery industry. We aim to create a transparent, efficient ecosystem, that benefits all stakeholders in the raw materials and jewellery value chain, from source to end consumer.

In this WP, you’ll discover how MarketOrders tackles the three major problem areas small jewellery retailers are facing today: lack of transparency, high costs and lack of digital innovation. With the implementation of blockchain technology, coupled with industry expertise, there is the innate possibility to streamline processes while increasing and securing trust. This results in higher profit margins and healthy, growing small businesses that quickly and easily meet customers’ needs, providing them with the products they seek, with optimised lead times, and full transparency.

With this White Paper, MarketOrders aims to boost disruption in its industry and highlight its technology development plans.

Download White Paper here

In a hurry? Download our summary White Paper.

Interested about sharing the news?
Download our Press Release here.
Q&A and visuals are available here.

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MarketOrders joins UCL Centre for Blockchain Technologies as Industry Associate

UCL CBT is a world-leading Centre of Excellence on Blockchain Technologies at University College London.

It is committed to becoming the leading global research hub focused on Blockchain technologies.

MarketOrders becomes an Industry Associate

MarketOrders recently joined the community as an Industry Associate, bringing business experience and sharing knowledge about the technology. 

She reacted to the news: “We are delighted to announce that MarketOrders has been selected as an Industry Associate of the University College London Centre for Blockchain Technologies (UCL CBT).
We will be engaging with the university to collaborate, engage and learn from this centre to develop our in-house blockchain capabilities.”

About UCL CBT

The UCL CBT was founded in 2016 to research the effects of Distributed Ledger Technologies and Blockchain into our socio-economic systems and to promote the safe and organic development and adoption of Blockchain-based platforms.

The centre is the nucleus for DLT and Blockchain research and engagement across eight different departments at UCL and for its Research and Industry Associate network. Our Research and Industry Associate community consists of over 180 researchers and practitioners from UCL, other academic institutions and companies utilising DLT.

Read more here about the UCL CBT.

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Why the high street jeweller is here to stay now and forever

At MarketOrders, we believe the independent retailers are a key component of our high streets. In fact, they represent the majority (65%) of the market but they also bring diversity and vibrancy with direct connections to local economies.

Now more than ever it’s clear to see that we need to champion local businesses and there is a mindset shift towards moving to locally sourced products and services.

Here are 3 ways in which we see physical shops working with online technologies to bring the jewellery industry into the digital age:

  1. Digitisation of the supply chain: At MarketOrders, all aspects of buying, selling, trading and shopping are being digitised. Brick & mortar stores are connecting to the online world and creating unique experiences through our platform. We help small independent retailers connect with designs globally and the people that create the designs. 
  • Using artificial intelligence and data analytics: we’ll enable retailers to predict what customers need, want, and when. This will lead to better stock inventory management and predictive ordering will help save business owners time and money. Convert data into useful and actionable insights to help propel your business forward.
  • Using augmented reality: we’ll help retailers visualise products on the shop shelves and enable their customers to see how they’d look on them. This will reinvigorate the retail industry and finally meet the expectations of consumers. 

We’ll deliver a digitised and unified marketplace that connects the physical world with the online world.

MarketOrders is the digital economy coming full circle to transform small brick and mortar jewellery shops by flipping the model to tie together the online and offline worlds in a whole new way. Both will simultaneously, seamlessly blend.

MarketOrders will be releasing a White Paper exploring the use of new technologies such as blockchain, artificial intelligence and smart chip technology within the jewellery industry so stay tuned for more updates!