Official sources report that the joint decision taken by the African handcrafted jewelry company, Mina Stones and IT company Credits, is aimed to improve the current model of the supply chain through the introduction of blockchain technology.
Transportation and production of gemstones will now be more open and transparent in nature, which will avoid the risks of falsification of information.
The entire process of the jewelry sector’s activities, from mining sites in Nigeria and the processing of precious stones to delivery to the end-user, will now be fully traceable through blockchain technology.
All participants can gain access to the information on deposits and resource transfers, due to the creation of an immutable audit trail on the blockchain, which provides information about all the details of production.
“Our blockchain platform is a highly secured technology that provides a unique opportunity for a comprehensive gemstone industry to carry out full risk management procedures in the framework of the whole supply chain. Together with the Mina Stones team, we are proud to introduce this great value to our customers”, – said Igor Chugunov, Ceo & Founder of Credits.
The agreement adopted by the companies allows to fundamentally modify the current situation of the production of gemstones in Africa, thereby bringing mutual trust between all parties of the process.
The step taken has a far-reaching impact on the entire jewelry industry of the continent, as Mina Stones is an active participant and supporter of technological development in Africa.
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