Glitzkoin: A blockchain based decentralized and transparent platform for diamond trade

stazhao (61)in #blockchain • 6 years ago

Glitzkoin has combined diamond trade with blockchain technology and introduced a new and revolutionary decentralized and transparent platform to an industry which has been lacking innovation and modernization.

Diamonds are considered one of the most precious natural resources, the industry provides millions of jobs all over the world and a number of stakeholders are involved in the trade starting with the mining companies and including diamond polishers, certification authorities, sellers and finally consumers. The diamond trade has been historically done through personal contacts, one has to depend upon his gut feeling and guess work to assess the value and authenticity of the diamond but even after so much diligent evaluation a first-time buyer can never be sure about the authenticity of the diamond.

The diamond industry faces a problem of lack of transparency and this leads to a high opportunity for fraud. This is an industry where billions of dollars of trade is happening yet a lack of transparency is accepted. Diamond do not necessarily need to be fake to be cause of a fraud. Diamonds often have different values depending on their specific source and perfection. All the factors that decide a diamond’s price are just accepted upon word by most everyday people. This is a problem that is hard to fix as most people are not diamond experts. A diamond without the proper quality stated or the right source stated can be sold off to unknowing customers. This lack of transparency can be fixed by the blockchain as every aspect of the diamond can be stored on a transparent platform accessible by anyone. Glitzkoin will be the company that is going to bring that transparency.

Glitzkoin has provided a solution that is completely foolproof and absolutely transparent by combining blockchain technology with diamond trade. Blockchain technology has already brought a revolution in the way business has been traditionally conducted and now the platform provided by Glitzkoin will remove the hurdles faced by diamond industry. In the traditional diamond trade, the seller and end user are detached from each other, the seller is unaware of the end user’s requirements and the buyer can never know the history and the origin of the diamond. There are layers of middlemen in between which inflate the diamond price and the history of the diamond remains blurred.

In the diamond blockchain pioneered by Glitzkoin, a diamond dealer will be able to upload the history of his diamonds on the blockchain that includes the origin and the authenticity certificates of each diamond. This information will be recorded on the blockchain and can never be altered or tempered with. The buyer can access this information directly without involving any middleman thus avoiding unnecessary broker charges. Glitzkoin includes a cryptocurrency and utility coins will be used to pay for the diamond transactions. A typical diamond transaction requires shipping and insurance services too which will also be linked to the same platform.

In simple words, Glitzkoin will connect all the stakeholders on a blockchain enabled platform that will make the diamond trade safe, secure and transparent without involving any middleman.