Glitzkoin; Decentralized Diamond Platform

toluene (47)in #crypto • 8 years ago (edited)

Diamonds are one (if not) the most valuable precious gems gifted to earth. It is unique for it rarity and beauty, and it symbolizes purity, fidelity and love.

The diamond industry is rated to worth over billions of dollars, and estimates of $15billion worth of diamonds are produced per year. Aside from the monetary worth of the industry, the industry also worth more to millions of people, as it serves as a means of employment and source of revenue for them. Despite the value and potential this industry possesses, it growth is relatively restricted (when compared to the gold industry) due to some limitations which plague the industry. Some of these limitations are mentioned below.

Inefficiency due to paper based transactions
The need for peer to peer contact before transactions could be carried out
Fraud in the valuation and authentication of the diamonds
High transaction cost by middlemen, etc

These problems have adverse effect on the development of the industry as a whole. The need for a solution is evident.

The Blockchain technology is popular globally for it triumphs in providing solution and innovation to different industry. It transparency, efficiency and decentralized nature is revolutionizing the world and it impact has been felt in different industry, and it is about to storm the diamond industry with the introduction of Glitzkoin.

Glitzkoin; The Innovative Solution

Glitzkoin is a platform that seeks to utilize the Blockchain technology in order to provide efficiency in the diamond industry. it is a decentralized platform that revolutionize the diamond industry by providing innovation and solution to the limitations of the industry.

Glitzkoin provides innovation to the industry in the following ways

Glitzkoin decentralize the diamond market by creating a open source platform that will remove the hurdle to entry in the industry. This will have a positive effect on the market as a whole, as there will be increased to the industry for average buyers and sellers from around the global.
Elimination of the inefficiencies with paper-based transactions by providing a decentralized platform that connects all the actors (miners, sellers, buyers, retailers, etc) in the industry. The transactions on this platform are user friendly, fast, secured and transparent/trustless. The fact that the transactions are transparent doesn’t mean all information of transaction is available to the public. Glitzkoin utilizes zn-snarks and bulletproof to secure the transactions on the platform.
Glitzkoin reduces fraudulent activities by providing authentication and valuation of diamonds. It also provides Blockchain based tracking services that will make it possible to track and trace certified diamonds.
Glitzkoin also makes it possible for service providers (services like insurance, transport, finance, etc) to integrate with the platform and provide their services on the platform.

The importance of Glitzkoin to the diamonds industry cannot be overstated, as it is the needed fuel to drive the industry to the decentralized future.