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Understanding Blockchain Technology

In the jewelry industry, blockchain technology can be used to verify the provenance and authenticity of raw materials, including diamonds, other gemstones, and precious metals.

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The blockchain network tracks and protects materials right from the source all the way to the final consumer, who can easily view the characteristics, history, and ownership records of their jewelry.

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As the raw materials move through the supply chain, they are assigned serial numbers and information about all transactions are recorded into a digital ledger.

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These “blocks” of information are securely stored and create a permanent record —they cannot be edited.

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Access to the ledger is shared among a distributed network, which means all authorized users with access to the chain can view every transaction. It also means that no one user or organization involved has total control or ownership of the system. (Click Next to repeat the slide show.)

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