Category: MarketOrders News

With the UK undergoing a second lockdown, having an online presence seems to have moved from being an option to becoming a necessity. MarketOrders believes that retailers on the high street will only be able to thrive if they embrace new technologies and digital processes. The startup aims to provide them with solutions enabling efficient stock management, sales predictions, fast & transparent cross border payments, and seamless communication with customers. 

Sukhi Jutla, co-founder and COO of MarketOrders, said: “As recent months have shown, it’s important more than ever to have an online presence and we found that 90% of retailers in the industry currently don’t have that in place.

“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. These outdated processes lack transparency in an age where consumers demand products to be sustainably and ethically sourced.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.

The blockchain technology enables independent jewellery retailers to source products quickly and cost-effectively directly from global manufacturers – slashing the current time it takes to get products delivered from weeks and months to days.

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; creating a digital footprint easily recorded, visible and trackable in real-time.

The news of the launch comes after MarketOrders overfunded on Crowdcube, raising over £430,000 on with plans to modernise the antiquated jewellery buying process and elevate it to become more transparent and profitable.

Outlining how the end to end solution will benefit the industry, 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. Though the two years of research were conducted before the pandemic hit, the White Paper seems more relevant than ever. 

With this paper, MarketOrders is aiming to boost disruption in its industry and highlight its technology development plans. The startup believes that if the industry doesn’t adapt to consumers’ changing demands, they risk being left behind. According to MarketOrders, blockchain technology is one of the answers.

Sukhi Jutla added: “We’re thrilled to introduce the technology to the industry to help time-poor retailers overcome challenges such as trust and cost implications in the supply chain. We are passionate about supporting independent retail jewellers and believe blockchain technology will revolutionise the sector and further empower smaller retailers.”

The 60-page document details what challenges the jewellery sector is facing, how it could benefit from blockchain technology and why it should embrace it now more than ever. It also describes MarketOrders’ plans and implementation of the technology into its own marketplace.

Ram Krishnna Rao, co-founder and CEO of MarketOrders, said: “The fact that no one ever has the ability to go back and change or tamper with the data makes blockchain particularly useful for the retail supply chain for physical products. This allows you to see the full history or journey of the data or product in question. 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.”

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.

Sukhi Jutla concluded: “Our core values of bringing the highest levels of trust, transparency and integrity to jewellery retailers also aligns with the core components of blockchain technology. 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.

The research document is currently available to download for free at https://marketorders.io.

MarketOrders has recently released a White Paper announcing technology plans that will disrupt the jewellery industry and bring innovation to outdated processes. Here is why, and how…

The jewellery industry has existed for hundreds of years; why does MarketOrders believe now is the time for it to change?

Traditionally the jewellery industry relies on direct contact between craftsmen and merchants, but these practices are outdated in the modern world where consumers want their products as soon as possible and for the best price possible. In the current digital climate, industries must embrace new technologies and digital transformations to keep up with demand and developments. The jewellery industry will be left behind if it doesn’t listen to and meet the demands of its customers.

The jewellery supply chain is fragmented and opaque, and it’s difficult to authenticate the provenance of products. MarketOrders will digitise every aspect of the jewellery supply chain to create a seamless end- to-end chain of digital transactions, in which products can be traced back to their source. This will significantly enhance trust and transparency with manufacturers, suppliers, and retailers alike, as well as meeting the consumer demand for traceable ethics.

Why is MarketOrders using blockchain to revolutionise the jewellery industry?

Embracing the power of blockchain will put the control back into the hands of retailers by authenticating the provenance of their products and making the end-to-end sales and supply process more transparent, efficient and profitable. Blockchain technology can also be used to significantly reduce the cost of international and cross-border payments, verify trade finance invoicing, and run digital checks on customers.

You say the jewellery industry is reticent to join the tech / digital revolution – why will they adopt blockchain when it seems more complicated?

MarketOrders acknowledges that any change can be difficult. The key to driving adoption is to show jewellers and suppliers the benefits and advantages of making the change. No one thought they needed email on their phone until they started to use it and now one of the main functions of a smartphone is to access and respond to emails, as opposed to its original use of making phone calls. MarketOrders is creating a mindset shift which is not impossible, especially when you can communicate the benefits, it just takes time.

How is MarketOrders ensuring ethical trading?

MarketOrders will only work with participants that can prove they have ethical practises.
Blockchain ledger will be used to store and view digital licenses and certificates to verify said ethical practises.

How is MarketOrders using blockchain to empower small independent retailers?

• Better stock inventory processes reduce the amount of unsold stock from retailers going back into the supply chain to be turned into something else.
• Retailers can use online systems to leverage data for spotting consumer trends. This will help them to meet customer demand and reduce returns.
• Embracing blockchain technology allows retailers to take back control with end-to-end sales and a more transparent, efficient and profitable supply process, as well as authenticated provenance of products. Blockchain technology can also reduce the cost of international and cross-border payments, verify trade finance invoicing, and run digital checks on customers.
• Blockchain allows retailers to track their products from their source through the refining, manufacturing and shipping processes that bring them to the store. This adds value for customers making sure their purchases are ethically sourced.

Cutting out the middleman will mean a potential loss of jobs. What does MarketOrders have to say about causing potential redundancies?

It’s not about job loss but creating better ways of doing business. It will free up time usually spent doing routine and monotonous work, which in turn will allow human capital to be used in better ways, such as creative work designing jewellery, or improving efficiency in the supply chain and improving the logistics infrastructure. Over time, using an increasing number of digital processes will free up time from mundane tasks for creative thinking and business strategy planning.

Blockchain technology will take away the in-store experiences that many independent retailers rely on. What does MarketOrders have to say about this negative effect on the high street?

This is incorrect as the blockchain process only impacts the supply chain, and in fact, it helps retailers to receive their products faster. With products taking less time to reach their stores, retailers can sell them faster to a consumer base that values ethically and sustainably sourced jewellery with traceable provenance.

We hope we’ve provided you with answers! 

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.

We are proud to announce that MarketOrders has won 2 more awards, this time by Corporate Today:

• Female Entrepreneur of the Year 2020 – UK
• Best Online B2B Platform Development 2020 – UK

About the awards

Corporate Today looks to recognize, acknowledge and reward people and organizations that have achieved the greatest of successes. Our awards reflect the most prominent business sectors that range from engineering consultants to financial advisers. They are open to a wide variety of businesses and industries that have demonstrated how they have become market leaders.

Selection process

The winners are decided upon via votes gathered their network of established industry partners and their own Internal in-house research.

Each award nominee is carefully examined, with their judging panel taking into account their performance over the past 12 months, their commitment to innovation, their methods and even their competition to ensure that only the most deserving firms are handed one of their trophies.

And, when all winners have been decided and notified, they also work closely with them to promote their win throughout their industry and beyond and making sure they enjoy maximum exposure and really benefit from their success.

About Corp Today

Corp Today is the Best Business Magazine in the world for enterprises, being a platform, it focuses distinctively on emerging as well as leading fastest growing companies, their confrontational style of doing business and way of delivering effective and collaborative solutions to strengthen market share.

Learn more about Corporate Today here.

MarketOrders has recently released a White Paper exploring the use of blockchain technology within the gold & diamond jewellery industry.

The paper also explains MarketOrders technology plans, including the implementation of blockchain and the use of a token, the MOT token.

If you’d like to stay up to date with the MOT token and know about potential early-stage investment, sign up here.

Here is everything you need to know about it:

What is the MOT Token?

MOT is the MarketOrders Platform’s token. This token will be hosted on a blockchain that allows us to operate, currently Ethereum.

How can I get MOT Token?

Via MarketOrders.io.
Subscribe to our newsletter and follow us on social media to stay up to date with our token sale.

How does it work and what can I use the MOT Token for?

The MOT token will have several uses, such as a payment, discount and additional benefits to MOT token holders. Those functionalities will be announced when they are ready.

When will the MOT Token wallet be available?

MOT Token is an ERC20 Ethereum token and can be stored on any wallet able to hold ERC20 tokens.

What gas limit is required to transfer MOT Token?

MOT tokens are built on the Ethereum blockchain, therefore, gas costs are set by the Ethereum blockchain.

What are your MOT Token price predictions?

MOT Token is a utility token; thus, no price predictions can be made. Its value is based purely on its use cases and distribution.

How are you planning to increase MOT Token liquidity, adoption, demand and price?

At first, with nothing but reputation and a beta of our product, we will increase MOT liquidity, adoption and brand awareness by adding more and more use cases for MOT Token on the platform to create an organic demand.
Participants on the platform will be encouraged to accept MOT as a payment or loyalty method, providing external markets and additional liquidity for the asset. With every new participant accepting MOT Token, its market potential, demand, awareness and adoption will improve dramatically. It’s not just an asset, but the fuel for a whole new economy.

Is MOT Token planning to expand into new markets?

We are carefully watching various new markets and cryptocurrency regulations emerging around the world.

What happens when MOT Tokens are lost?

When a user loses his wallet, it has the effect of removing money out of circulation. Lost MOT Tokens still remain on the blockchain just like any other cryptocurrencies. However, lost MOT Tokens remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again.

If you’d like more information about the MOT token and potential early-stage investment opportunities, register 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.