GLITZKOIN AND THE DAWN OF A NEW ERA FOR DIAMOND TRADE
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At a time when the international community is increasingly polarized and with the threat of trade wars looming over the world even between governments that are traditional allies, it is the businesses and people in countries around the world that end up bearing the brunt of these trade disputes. A small business owner from one part of the world needs a simple, efficient and cost-friendly way to make deals with any part of the world and this reality is no clearer than it is in the diamond trade business. The diamond trade industry is estimated to be worth over $90 billion in revenue every year with no slowing down of the industry in sight.
However, despite the huge size of the world’s diamond markets, this is an industry that is riddled with a myriad of problems that stifle the continuous growth of the industry for years forcing it to remain grossly inefficient and costly. Buying a diamond from any part of the world today is plagued with risks such as the chance that one gets sold fake or synthesized diamonds. Other pressing problems of the diamond industry is its archaic reliance on brokers and middlemen all of whom continue to skyrocket the price of the precious stones and making the market even more hostile to small businesses and individual traders. With a fragmented industry, traders are also exposed to the risk of buying the wrong diamonds from the wrong places due to a poor record keeping habit of the present industry.
The Glitz Future
Glitzkoin is a blockchain-based startup that was conceptualized by a number of consummate diamond industry professionals which seeks to take on the seemingly intractable challenges of the diamond industry with the hope of providing sweeping solutions to these problems and bringing maximum efficiency to the market for the first time. Glitzkoin is a platform that seeks to streamline the practices of the diamond trading world, and with the aid of the revolutionary blockchain technology seeks to reshape the market from the bottom up to face present realities and prepare for future technological advancements. Glitzkoin hopes to reimagine this traditionally rigid industry and breathe new fluidity, transparency and maximum accountability, crucial features that will make participation for individuals and small businesses fair and competitive.
Diamond Trade Liberalized
Diamond trade for decades if not centuries has been one that is reserved for a very fortunate few in the society. This industry that has always been lucrative has been hostile to accountability and transparency which is among the core reasons for the development of the Glitzkoin platform. With Glitzkoin the future of the diamond trade industry is one that is fully liberalized and welcoming to all traders across the world. First of all, the issue of trust is eliminated as all transactions on the Glitzkoin platform are protected by escrow and smart contracts. What this means is that neither the buyer or the seller is at the risk of being cheated as both are protected equally. Glitzkoin maintains an immutable record of the transactions and diamond history on its blockchain which offers its users maximum disclosure to know where what they are buying is coming from. But perhaps the biggest stroke of genius of the Glitzkoin platform is in the fact that now traders no longer have to pay huge international transaction fees to banks, nor do they need to rely on middlemen that only make the industry ineffective and expensive to deal with.