GLITZCOIN: Revolutionizing The Diamond Industry

mianae (49)in #blockchain • 6 years ago (edited)

The Gold industry just like other precious stones industry, is riddled with cases of fraud and theft. An unsuspecting buyer can be tricked into buying a fake gold in the place of an original or a gold seller can lose his precious stones to thieves. Over the years, this has brought about distrust and has made both buyers and sellers to distrust each other. Everyone is afraid of buying a fake useless product thereby wasting their funds for nothing sake.
The case of buying fake items is not the only problem as seen in this space, also the mode of payment poses as a big problem.

Blockchain technology has so far perfected the art of transparency. The technology has revolutionized many other spheres of life and now it's revolutionizing the Diamond industry to help correct most of the problems in the Diamond industry.
The problem of transparency: so far, in many industries where the blockchain technology has been applied, there have been results of transparency as information on the blockchain are easily verifiable and immutable. This goes to show that once a Dimond dealer, uses the Glitzcoin platform to market his or her products, this products are verified to be real Diamonds and not fake. This will help everyone making their trade on the platform to be rest assured that what they are paying for is the real Diamond. This will also bring about trust between buyers and sellers.
Also payment using the blockchain is swift and fast to perform. All this, will ensure that transactions are fast, swift and reliable as it is trustless.

During purchase of diamond's across the border, this is where people gets deceived the more as they are not present in person to process their purchase. Many vendors are mischievous and are not true to their art and in this case, they deceive the buyers and send them back anything they deem fit. This is a very worrisome situation. Glitzcoin has looked at this issue of lack of trust between dealers especially when it has to do with cross border, and is bridging this gap by introducing the Glitzcoin platform.

Glitzcoin aims to revolutionize the Diamond industry through the following ways: The introduction of Blockchain technology and smart contracts. The Blockchain technology as I have mentioned above will set many things right in the Diamond industry and also lower the cost of transactions across border, it will reduce the risk attached to Diamond purchase and increase visibility of the Diamond industry. Cross border payments will be much easier and the smart contract will ensure the distribution of goods and services as at when due.
The platform aims to bring everyone involved in the Diamond industry together starting from the miners down to the consumers. This is to ensure easy flow of business in this space. The platform will also make sure the Diamonds are tracked in real time thereby avoiding theft and other irregularities.