The impact of Blockchain Technology on Diamond and Jewellery Industries

Imagine the beauty & the emotional connection to your fine jewelry is supported by conflict-free, fair labor, and authenticity. Imagine that, one day, with a click on your cell-phone, you can trace from it’s inception to production, the history or the past ownerships. One of the biggest challenges of fine jewelry, specifically the diamond industry, is the convincing fakes, the swags, and the misleading claims.

Resolving these issues requires the integration of innovative solutions into the trade such as Blockchain Technology. The transparency and the verification systems provided by this technology corroborate trust and significantly reduce fraud in the insurance realm or counterfeits. By creating immutable records to track and protect the valuable goods through Blockchain Technology, manufacturers and brands set the seal on the authenticity & ethical trade. Ultimately creating a progressive world where everyone is a winner.

The disruptive technology promotes socially fair transactionsprevents compromising reputation, and establishes personal connections between the customer and the brand. The industry is warming up, leveraging Blockchain Technology to generate value for its customers and reduce costs. One of the technology companies offering solutions underpinned with Blockchain Technology for the diamond industry is Everledger. A global start-up creating thumbprints across the supply chain pipeline to protect the ownership, authenticity, reputations, and challenges that bear a high cost for the owners, insurers, and all parties involved.

Industry leaders such as Debeers are also investing in new platforms supported by Blockchain Technology to create a highly secure database to record the activities throughout the supply chain while ensuring that the sensitive data will remain between parties involved in the transaction. Thanks to Blockchain Technology, the ownership joy of DeBeers refined collections is vastly expanded.

 

DeBeers - ADONIS ROSE CLUSTER RING
DeBeers – ADONIS ROSE CLUSTER RING
DeBeers - SWAN PAVÉ BAND
DeBeers – SWAN PAVÉ BAND
DeBeers - INFINITY BAND 5MM
INFINITY BAND 5MM

 

DE BEERS AURA HEART CUT PENDANT
DE BEERS AURA HEART CUT PENDANT

 

TALISMAN YELLOW GOLD LUCKY COIN BRACELET
TALISMAN YELLOW GOLD LUCKY COIN BRACELET

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reign Sapphire Corp., is another custom and branded jewelry company, that is incorporating Blockchain Technology to authenticate sapphires as a conflict-free and accepts Bitcoin as payment via Bitpay on reignsapphires.com.  They offer Australian sapphires, designed in Beverly Hills with chic and modern aesthetics appealing to millennials.

Reign Sapphires
Baguette Double Ring in Yellow Gold

 

Flexible Stiletto Earrings
Flexible Stiletto Earrings

 

 

 

Amor Ring
Armor Ring

Digital Artist & Blockchain Technology

Art and culture are credited for our communities’ wellbeing, education, and enlightening our emotional world. Various political statements, beliefs, or social values have been produced and communicated through Art, Music, or Literature by struggling artists and independent content creators of all kinds. Although the digital revolution has reshaped the Art and Media industries by introducing different production methods, distribution, and enabling reasonably priced promotional campaigns, the technology still has its flaws. For many artists and content creators working with brick-and-mortar institutions, streaming or other social web-based platforms is a grueling route. Why? Simply, the unfair treatment by the powerful intermediaries offers nominal royalty fees, commissions, or payments.

Ipso-facto, keeping the torch of artistry lit requires transparency and incentive. So enter blockchain technology. Progression from the age of information to the age of value, the blockchain technology serves the two essential elements for supporting and creating art. How? The simple idea behind the technology is that information or anything of value such as music, art, money, IP, deeds,… can be securely stored and relocated on an expansive global distributed ledger or database, run on numerous machines. The principle behind blockchain is to fulfill everyday needs by establishing trust through mass collaboration and smart code.

The transparency factor is about the provenance and the authenticity of the art of all kinds. A well-documented provenance confirms that the piece is authentic, not stolen, and has ownership history.

The application of blockchain technology for verification and ownership of physical art has been employed by several companies such as Verisart in Los Angeles, Tagsmart in London, and Ascribe in Berlin. They provide certificates of authenticity and provenance records.

The concept of ownership and provenance can be used for digital art. Once the art has a story together with the element of scarcity, it becomes collectible and eventually adds financial value. Beatriz Ramos, a Venezuelan artist, and CEO of DADA.nyc , has created a decentralized digital art marketplace on the blockchain offering the transparency factor and a social network where artists speak to each other through drawings.

The incentive factor allows ethical and fair payment to the artist. The common good practiced at the very best as art lovers reach their “high” from the ownership and have fulfilled their moral imperative by supporting the artist fairly and directly. Simultaneously, the stimulus is significant for the artists to be in charge of their creative work and gain from their magic.