Officially being popularized for more than 10 years, Blockchain technology has been considered by technicians and business to be the most optimal in data storage and security. Many applications of blockchain have been brought to life, and have created many breakthrough. The birth of blockchain is considered the beginning of the fourth industrial revolution (The Fourth Industrial Revolution, a.k.a. Industry 4.0). Ceres Global, a corporation specializing in gem mining, has recognized the potential of Blockchain technology and is determined to become a pioneer in the diamond supply chain worldwide to apply Blockchain technology to its business model.
Challenges of World Diamond Industry
For decades the biggest challenge facing the diamond industry has been the cumbersome chain of valuations for the diamond business flow. This process takes a lot of effort and cost with the diamond having to go through many different intermediaries, before it reaches the customer. Each stage, which requires a lot of paperwork and logistics, all of which is added to the final selling price charged to the consumer.
In the past, diamond businesses were burdened with phases of increased production that would add to costs. Those costs include insurance, security, currency conversion, and dozens of other paperwork. In addition, there is a high possibility of such theft and fraud at all stages. The hurdle of a bulky supply chain has been an insurmountable challenge so far.
Ceres Global and Blockchain application
The development of blockchain technology for the diamond industry’s supply chain is positioned to dramatically change the way diamonds are traded and sold. Blockchain technology is a way to transform the entire diamond supply chain into a unified platform where everyone has access to every detail of diamond’s flow with complete transparency and security.
Ceres Global is a pioneer group, seeing the potential of diamond listing using blockchain platform will reduce intermediaries to focus on two main benefits. For consumers, which means lowering prices; as for businesses, the reduction of intermediaries will bring a higher profit margin, even at lower selling prices, and bring a mutually beneficial solution for both parties.
Ceres Global has a clear vision and development strategy, combined with the very smart application of Blockchain technology in the diamond supply chain in recent years, Ceres Global has always been at the forefront of diamond season, with top volume during peak diamond seasons of the year. And surely in this late 2020 and early 2021 diamond season, Ceres Global is one of the best brands to consider.