Online B2B marketplace MarketOrders has declared its upcoming blockchain technology. It says it will substitute outdated versions, fight industry fraud, and increase delivery times for independent jewelers, thereby increasing their profits.

Blockchain technology allows independent jewelry retailers to source products directly from global manufacturers, stated MarketOrders in a statement. This will eliminate the time it takes to get products delivered from weeks and months to days, the company alleged.

Additionally, it will digitize all aspects of the supply chain, from the mine to manufacturing and shipping, to the end customer. This will mean a digital footprint quickly recorded, visible, and trackable in real-time. The declaration comes after MarketOrders raised over £430,000 on Crowdcube.com with plans to modernize what is named “the antiquated jewelry buying process” and elevate it to become more transparent and profitable.

MarketOrders also published a research paper examining the use of blockchain technology to demonstrate how its innovation will profit the industry. Sukhi Jutla, co-founder and COO of MarketOrders, said in a statement: “As recent months have shown, it’s important more than ever to have an online presence and we found that 90% of retailers in the industry currently don’t have that in place.”

Of all industries in the world, the jewelry business is one of the most traditional and the most reliant on direct interaction between master artisans and merchants. These outdated processes lack transparency in an age where consumers demand products to be sustainably and ethically sourced. Embracing the power of blockchain will put the control back into the hands of the retailers by proving provenance of the products and making the end-to-end sales and supply processes more transparent, efficient, and profitable,” she explained.

“We’re thrilled to introduce the technology to the industry to help time-poor retailers overcome challenges such as trust and cost implications in the supply chain. We are passionate about supporting independent retail jewelers and believe blockchain technology will revolutionize the sector and further empower smaller retailers,” she added.