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The project has been initiated to implement IoT and Blockchain…
The project has been initiated to implement IoT and Blockchain technology in jewellery company:
The Internet of Things (IoT) and blockchain technologies will provide the potential to deliver several advantages to the Hockley Mint. The Internet of Things (IoT) will give the business the ability to monitor their diamonds from the stage of the raw materials all the way to the stage of the consumer. This makes it possible to have more insight into the supply chain, better control of inventories, and enhanced service to customers. Additionally, as blockchain technology is an immutable ledger that records all transactions in a secure and transparent manner, it may be utilised in the jewellery industry to give a higher level of safety and confidence for customers. This will assist the business in providing clients with accurate information about the diamonds they sell, which in turn can assist in preventing counterfeiting.
Customers get more value as a result of the use of Internet of Things and blockchain technologies as Internet of Things (IoT) and blockchain technology will give a safe and transparent record of the diamond history and consumers will know that the diamond was mined ethically. The blockchain will also assist Hockley Mint in more effectively managing of their inventory and ensuring that each diamond is of the best possible quality.The purpose of the blockchain technology is to create a secure and unchangeable ledger that can record all transactions in a transparent and secure manner. This would make it easier for Hockley Mint to provide correct information to their clients about the diamonds they sell, which in turn would help prevent counterfeiting. In addition, blockchain technology may assist in streamlining the payment process while simultaneously lowering the risk of fraud. Customers will be that the company has correctly documented all of the information about the diamond and that their payments are protected when the company uses blockchain technology. The use of blockchain technology in the jewellery industry may also result in an increase in the level of protection afforded to the purchasing and transactional processes which leads to increase in both security and safety. Hockley Mint will be able to guarantee the safety of their customers’ financial information and eliminate any possibility of their becoming a victim of fraud by using blockchain technology. The usage of blockchain technology also helps to cut down on transaction fees.
Overall, the usage of blockchain technology will assist in developing a procedures that are more efficient and cost-effective, as well as verify that buyers are acquiring authentic diamonds that have been ethically mined.
A. Scope of the Project:
The goal of this project is to improve a Hockley Mint supply chain management process, boost transparency, and enhance security through the implementation of blockchain and IoT (Internet of Things) technologies. In order to enable the tracking and monitoring of the metals and diamonds along the entirety of the supply chain, the project will require the incorporation of blockchain and Internet of Things technologies into the organisation’s already existing systems and procedures. The following considerations will be incorporated into the project:
1. Blockchain integration:
The project will involve the integration of blockchain technology into the company’s supply chain management system in order to create a safe and tamper-proof ledger that will store all transactional data related to the movement of products.
2. Integration of the Internet of Things:
The project will comprise the incorporation of Internet of Things (IoT) devices into the metals and diamonds in order to enable real-time tracking and monitoring of the products at every stage of the supply chain.
3. Data analytics:
The project will also incorporate the use of data analytics tools in order to extract useful insights from the data that was collected by the Internet of Things devices and the blockchain ledger.
B. Anticipated Effects:
It is anticipated that the Hockley Mint’s use of blockchain and Internet of Things technologies will have a substantial effect on the overall organisation once it is fully operational. As a result of the project, the company’s supply chain management process will become more efficient and transparent, the danger of fraud and counterfeiting will be reduced, and the level of customer trust in the company’s products will increase. The following are some of the primary advantages of the project:
1. Improved supply chain management:
The incorporation of blockchain and Internet of Things technology will make it possible for the business to monitor the movement of its products from the point of origin to the final consumer. This will result in an increase in both the effectiveness and the openness of the supply chain management process.
2. Improved security:
The project will develop a secure and tamper-proof ledger that will contain all transactional data linked to the movement of metals and diamonds. This will result in a decreased risk of fraud and counterfeiting by jewellery products.
3. Increased customer trust:
As a result of the installation of blockchain and IoT technology, customers will have access to real-time information regarding the products that they purchase, which will increase the level of faith that they have in the products produced by the company.
The application of technologies such as blockchain and the internet of things in the Hockley Mint has the potential to completely revolutionize the sector. Technology has the potential to assist businesses in enhancing product quality and brand recognition, both of which can contribute to an increase in sales income. This can be accomplished by boosting transparency, traceability, and the efficiency of the supply chain. It is likely that the installation of the technology will be beneficial to the project’s stakeholders, who include the management, staff, suppliers, and customers.
C.Main Stakeholders:
The following are the primary stakeholders in this project:
1. Managing Director
Technology will have a substantial impact on the general functioning of the Hockley Mint, according to the management of the company. The management and director is going to be in charge of supervising the implementation and making sure that the project is finished on time and doesn’t go over its allotted budget.
2. The team in charge of supply chain management
The team in charge of supply chain management will be accountable for the implementation and management of blockchain and IoT technology throughout the supply chain management process.
3. IT team:
It will be the responsibility of the IT team to integrate blockchain and IoT technology into the company’s already established systems and procedures.
The management of the company, its employees, its suppliers, and its consumers are all considered to be stakeholders in this project. The management will reap benefits from the project in the form of improved decision-making as a result of increased control and visibility over the entire supply chain. Workers will reap the benefits of the project by having enhanced access to tools and technology to carry out their work, which will ultimately lead to increased production. It will be to the benefit of suppliers to have access to data and information that is more accurate, which will allow them to improve the efficiency of their production processes. Consumers will reap the benefits of the initiative by having increased confidence in the genuineness and quality of the products they buy as a direct result of the work being done.
In the table below, outline the major risks associated with the project, their probability of occurrence, their potential impact, and the steps proposed to manage the risks.
Probability: Assign a value in terms of the likelihood of the issue occurring.
Impact: assign a value according
Low impact = 1
Medium = 2
High Impact = 3
Very high impact = 4
How can the risk be mitigated?
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