GLITZKOIN ICO: A FACELIFT TO THE DIAMOND INDUSTRY

ijsera (34)in #blockchain • 6 years ago (edited)

Technical advancements are clearing ways to a bright future with human activities being substituted with Artificial Intelligence (AI), making our lives easier and reducing human errors. And moving from a conventional way of working to a more secure and trustworthy platform is best needed right now. The blockchain revolution is cutting across various economic sectors with a very significant economic impact and the diamond industry is about experiencing its long needed revolution.

Diamond is known to be one of the world’s most precious natural resources and as old as the Earth itself, these special stones have gained significance economically,socially,politically, culturally,and even scientifically. From the World Diamond Council figures, each year, around US$13 billion worth of rough-diamonds are mined of which 65% come from Africa.

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Diamond mining in Sierra Leone

The diamond value chain in this manner ; from exploration, to mining, processing and retail, has employed over 10 million people around the world, and , according to industry insight data published by De Beers Group, Global consumer demand for diamond jewellery had it best of sales in 2017, rising to US$82 billion which is a 2% increase on the previous year.

Revenues from diamonds has really played a vital role in enabling the governments of Botswana , South Africa, Namibia and Sierra leone to meet their national development goals which have greatly improved the lives of citizens through economic growth, poverty reduction and job creation. Mining also contributes to the development of local skills, as well as value-adding business activities that maximize the returns from natural resources. Botswana’s biggest single industry is Diamond mining ,it covers around 30% of the country’s GDP and 80% of its export earnings while the country supplies around 25% value of global rough diamond production.
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Job opportunity in India from Diamond Industry

However, this beautiful and impactful industry has been enduring some significant challenges that has really deprived its growthand that is what birthed the project GLITZKOIN.

GLITZKOIN is the first decentralized ecosystem that is designed to tackle the various issues faced by the industry

WHAT ARE THOSE CHALLENGES

The various issues underplaying the diamond industry are listed below;

There had been cases of risk and fraud for banks, insurers and open marketplaces in the diamond and precious stone industry.
No complete ecosystem for the diamond industry from a supply chain solution, to tracking & certification of diamonds
There has been this need for person to person contact when processing a diamond purchase or sale which has really limited the size of the market.
The need for transparency, visibility and objectivity in the diamond industry was felt many decades ago and has been a big crave.
Cases of diminishing barriers, poor coordination, and lack of trust in cross-border transactions for the diamond industry
No decentralized ecosystem (exchange) for trusted transactions , trade of diamonds and related services.

GLITZKOIN OUTSTANDING SOLUTION

GLITZKOIN’s ecosystem will operate in these 3 categories;

GLITZKOIN will integrate the latest blockchain technology into the diamond industry supply chain to achieve; a global trade platform using blockchain technology which will improve the
I. cost of transportation,
II. lack of visibility,
III. Inefficiencies and errors with paper-based processes and,
IV. Also connect all stake holders in the supply chain from (Mining companies to Retail customers).
Its ecosystem entails a Global Diamond Track and Trace Block chain based that tracks certified diamonds. So its ecosystem will contain the Diamond’s;
I. Record of attributes
II. Origin and history of each diamond
III. Prevent Theft (frauds) with the tracking measures authenticated and tracking the diamond Track stones all through their value added journey.
GLITZKOIN has built a Decentralized, secured and transparent Marketplace via the blockchain technology for trade in diamonds which encourages trustful transactions between diamond traders, users can buy and sell diamonds and also, aids additional services like shipping and insurance for diamonds fulfilled by third party providers which sensibly and extremely reduces the time required for trade transaction settlements

GLITZKOIN’s vision will significantly reduce the risk and fraud for banks,insurers and open marketplaces for the diamond industry by utilizing these outstanding and trending technologies; the blockchain, smart contract and machine learning

OUTSTANDING FEATURES OF GLITZKOIN PLATFORM

GLITZKOIN integrated privacy, accessibility, and security in creating an enterprise-ready applications having in mind that the current blockchain technology does not meet industry needs as the Transaction data is completely public and Network security is often uncertain.

GLITZKOIN guarantees 100% privacy by utilizing zk-snarks and bulletproofs to keep your transaction data completely private through encrypting your transaction data and trade secrets which conceals them from competitors.
The platform is user friendly as Users don’t need technical knowledge to operate its platform as GLITZKOIN solutions will seamlessly integrate into existing business processes and applications.
GLITZKOIN’s solves Identity and Network Security by guaranteeing a completely secure supply chain which also incorporates the federated byzantine agreement system to run network governance protocol and eliminate bad actors.
The platform securely records historical data and transactions of suppliers, which is a great way to prove their reliability to buyers and rating institutions.
Companies can easily and quickly build customized end-to-end supply chain applications with GLITZKOIN’s data privacy,

TOKEN INFORMATION
The Glitzkoin token is a utility token having a total supply of 999,000,000

CONCLUSION
GLITZKOIN’s refined blockchain has privacy options configured specifically for the diamond industry which ensures transparency by building on both, public and private blockchains so as to achieve a hybrid technical model.

With all these measures in place, we’re guaranteed a great upliftment in the diamond industry as we key into this great project.

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