Blockchain enabled traceability in the jewel supply chain

Abstract

This article examines the potential of blockchain technology to revolutionize the jewelry supply chain by enhancing trust, transparency, and efficiency. Utilizing Ethereum, we developed a blockchain network tailored to the industry’s needs. Blockchain operates as a secure, immutable ledger, ensuring data integrity and transparency while preventing fraud and tampering due to its decentralized nature. Ethereum’s key features, including nodes, addresses, and smart contracts, make it an ideal platform for this application. The system incorporates robust security measures, addressing vulnerabilities such as reentrancy attacks and unauthorized access. Performance tests on networks demonstrated the solution’s viability, with Layer 2 optimizations reducing transaction costs. The system also uses IPFS (InterPlanetary File System) to store certificate templates in order to improve scalability and data accessibility. Six primary participants in the supply chain, from miners to customers, engage with the blockchain, ensuring full traceability and transparency. Certificates are dynamically generated by retrieving transaction hashes from the blockchain. The certificate template is stored on the InterPlanetary File System (IPFS), and when needed, the relevant data is populated into the template in real-time to produce the certificate. While challenges remain in terms of industry-wide adoption and regulatory compliance, the solution’s potential to enhance transparency and efficiency positions it as a significant advancement for the jewelry supply chain within the Industry 4.0 framework.