Category: MarketOrders News

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.

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

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:

• Just Entrepreneurs 
• The Cryptonomist 
• Retail Jeweller 
• Professional Jeweller 
• RegTech Analyst 
• FinTech Global 
• Bitcoin Magazine 
• UK Tech News 
• Bitcoin Bazis

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.

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.

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!

Though multiple experts have predicted the death of brick-and-mortar retail for years, at MarketOrders, we believe the independent small retailers are nowhere close to dying. Instead, they’re getting digitally enabled by MarketOrders.

MarketOrders has been recognised as a digital innovator several times, including by Google & the Financial Times as a “Europe’s 100 Digital Champions” and by the Federation of Small Businesses as “Digital Innovation of the Year Award”.

This has given MarketOrders great validation in disrupting the traditional gold and diamond jewellery Industry. 

The Digital World is already here

As a digital world is emerging at the light of speed (which the pandemic has actually accelerated the need to embrace digital and online processes), retailers are discovering that the most practical and cost-effective ways to manage and increase sales are to leverage the super-computer shoppers.

A mobile basket is the REAL omnichannel, anytime, anywhere.

Less than a decade ago, the rise of smartphones unlocked the mobile revolution, which continues to amaze how shopping is done and has profound implications for high streets retailers. A mobile basket is the REAL omnichannel, anytime, anywhere.

Current retail practices in the gold and diamond industry are no longer fit for purpose in the digital age.

The biggest drivers of this retail’s transformation today are:

• The emergence of the internet and mobile technology
• The rise in millennials’ spending power
• The impact of globalisation and the empowerment of the consumer.

Online & offline convergence

However, as the world becomes increasingly connected, the desire to disconnect from digital devices and reconnect face-to-face is also increasing. Because of these factors, building a bridge between the digital and physical worlds is crucial.

The recent pandemic has shown us that consumers still value in store experiences, benefiting from information, advise and knowledge jewellers share with customers when purchasing jewellery.

MarketOrders platform brings opportunities in threefold:

• Firstly, it brings digital processes using new technologies, improving stock inventory & management, predictive analytics, and fast payments.
• Secondly, it puts the power back into the retailer’s hands by aggregating orders, reducing costs, cutting out middlemen, & giving access to designs from all over the world.
• Finally, it enhances the online and offline customer’s experience by bringing transparency to the supply chain and proving provenance, sustainable sourcing and ethical manufacturing.

MarketOrders is a revolutionary platform providing independent jewellery retailers with cheaper and better ways to buy gold and diamond jewellery products and services and we believe now more than ever it’s important the jewellery industry embraces the digital age.

The International Jewellery London (IJL) is the pre-eminent annual destination for the best of British fine jewellery, as well as leading brands from around the globe. 

It is the global meeting place for the jewellery trade so it’s only natural that MarketOrders attended the 2019 edition and our COO, Sukhi Jutla, was also asked to speak on a panel about The Future of Fine Jewellery. 

Earlier this month, the IJL announced the 2020 edition is cancelled due to the Covid-19 pandemic. More info here!

In this blog post, MarketOrders COO and co-founder, Sukhi Jutla gives her personal take on last year’s IFL and the key takeaways points and trends she learned as well as an overview of her panel talk.

About IJL

The IFL is an annual event held in London, United Kingdom. Over the course of 3 days, there are a number of seminars, talks and workshops talking about the new trends and technologies emerging in the jewellery industry.

In 2019, the exhibition featured a catwalk show showing the latest jewellery designs, an inspiration theatre talking about how to embrace technologies to improve customer experiences and the knowledge Hub where I was speaking.

The key themes at IFL focused on: 

• The future of lab-grown diamonds
• The Future of Fine Jewellery
• Jewellery trends for 2020
• How to embrace systems and tech to deliver the ultimate shopping experience
• Sustainability in the jewellery trade

MarketOrders Point of View

Walking around the Olympia exhibition centre with the most beautiful and dazzling jewellery collections looking back at you made me think even deeper about how MarketOrders can best serve the industry and more specifically, help our retailers.

Almost everyone I spoke to said their biggest issues were with not being able to communicate enough to the end consumer. 

With most of the products being created by designers, suppliers and manufacturers who are often removed from the consumer on the high street, it can be hard to see what products are selling and why some items don’t sell. 

Without some sort of communication with the end consumer, it can be tricky to truly provide what the consumer needs. 

This is why MarketOrders exists; to bridge that gap. By only placing orders from retailers, suppliers will only produce items that are needed. 

Retailers are best placed to place orders as they face off to the customer on a daily basis. They understand what sells and what won’t. By placing personalised orders on-demand, retailers can be confident that they can sell their stock and not have to meltdown items that don’t sell or be stuck with inventory on shelves.

The Future of Fine Jewellery Panel 

If you missed my panel talk, here are the key highlights from my panel. 

I was joined by Naomi Newton-Sherlock, the Creative Director at Domino and Daisy Grice, a jewellery designer. Chairing the panel was Asha Pitt from the Professional Jeweller. 

Note: MarkeOrders  has a profile feature in September’s edition of the Professional Jewellery which you can check out here on page 78.

On Millennials and jewellery trends…

• Millennials shop in different ways. They are not looking to buy a product but an experience. So, can retailers keep up with these changing consumer demands? 

• It’s no longer seen as fashionable to buy expensive jewellery if demi-stones look just as good and are half the price. Millennials are image-conscious and want to be able to keep up with changing fashion trends and the costs involved.

• Consumers and Millenials, in particular, are looking for convenience and personalisation. They are not buying a product but experiences as they value experiences more highly.

What advancements should the jewellery industry be embracing? 

• Retailers are no longer selling a product but an experience. Consumers value individual attention, customisation and personalisation as opposed to mass-market customer service. 

• Retailers and designers need to think about how best to reach their customers and listen to what they are asking for.

When it comes to responsible jewellery manufacture, do consumers really care? 

• If given the choice, most consumers would opt for the responsibly sourced jewellery but retailers say this is still a small proportion of their sales simply because not enough suppliers are providing this. 

• Perhaps if consumers voted with the pounds in their pockets then things could potentially change. 

• However, responsibly sourced jewellery is still more expensive and not enough consumers feel they want to pay extra for this.

Demi-fine / semi-fine jewellery continues to grow as a market segment; should fine jewellers be concerned?

• Not necessarily. Most retailers are now stocking an array of different types of jewellery so that they can cater to all consumers. In order to stay ahead, it is vital retailers notice and adapt to consumers changing demands. Otherwise, they risk being left behind.

Q) How can technology improve the consumer experience and industry margins?

• Without a doubt, it is imperative the industry embraces technology to better serve their consumers. 
  
• Retailers need to have omni-channels, different ways to reach their consumers and give them different options to see and buy their products. 

• Make the purchase an experience and not just a transaction.
  
• The jewellery industry is no longer competing with other jewellery but with other products. Jewellery used to be a popular gifting idea but now it’s competing with the latest iPhone, tech gadget or luxury holiday! 

One year ago, MarketOrders overfunded on Crowdcube, raising a total of £439K with the support of 191 investors from 29 countries around the globe.

 

Crowdcube, the fuel to our rocket

Our 4-week crowdfunding campaign generated over 3,500 likes, 650 shares and 350 comments on social media as well as 33 articles in the press.

We got featured in publications such as the Financial Times, Startups Magazine, Professional Jeweller, BusinessCloud, Management Today, Yahoo Finance, Jewellery Focus, Cointelegraph and more…

We are so thankful for the support we’ve received from our investors, followers, friends, community and network. We couldn’t have done it without you!

 

Ready for takeoff

2019 was all about analysing, experiencing, learning and creating the best solution to answer the needs of the jewellery industry.

2020 is all about making it happen. We’ve been working hard behind the scenes to build an end to end marketplace that will connect retailers and suppliers globally and bring transparency, speed and trust to the industry.

We’ve been consulting with the best technology firms to create the optimal solution at the best price.

Our marketplace will be using new technologies such as blockchain, AI & machine learning to digitise every step of the supply chain.

Our project is ambitious and so is our team. Building such technology is a slow and meticulous process and we’d rather take the time to do it properly today than rushing into something that wouldn’t be first-class. We owe it to our supporters, customers, investors and ourselves.

Since last year, regulation and markets have changed and so has our strategy, which we’ve had to adapt along the way. Bear with us, we’re making great progress!

 

Recent events & hopes

The world has been through some unprecedented events in the past few months and the MarketOrders team very much hope that you and your loved ones are safe and healthy.

These events have also highlighted the importance of having an online presence as a business and above all the importance of inclusion and community.

This has comforted us in the idea that this industry needs to be digitised to face the changing consumers and markets demands; that an online presence is essential, especially for small high street retailers who rely too much on face to face interactions; and that an inclusive marketplace like MarketOrders could help communities all around the world showcase and trade their products, no matter the colour of their skins, cultures, and origins.

We’re very much looking forward to the next year and will be soon releasing a research paper on how the jewellery industry could benefit from blockchain technology.

So, stay tuned!

The MarketOrders Team.