Gemstones Supply Chain Management through Blockchain Mechanism
Keywords:
Gemstones, Blockchain-Based Gems Authentication, Blockchain, Decentralized Gemstones Supply Chain ManagementAbstract
The provenance of gemstones significantly enhances their value. However, both conventional supply chain management and digital systems are susceptible to counterfeiting, loss, and theft. Blockchain has emerged as a suitable technology to store tamper-proof records of gemstones allowing the storage of immutable journey of gemstones. This research article shows how the blockchain-based Ethereum network can be used for managing the supply chain of gemstones. Mining details, cutter information, digital certificates, proof of ownership, quality, and sales history of gemstones can be arranged in a two-tiered blockchain network to allow multiple organizations to securely share specific information within the organization and publicly. We cover the major supply chain exchanges for gemstones and end users with Ethereum smart contracts. We present that our suggested decentralized architecture-based solution can overcome many limitations in terms of immutability, traceability, verifiability, and security which exist in both conventional and digital supply chain management systems. Test scripts or smart contracts are publicly deployed on the Ethereum network.
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