What do Diamonds and Blockchain have in common? Find out below!
On the one hand, we have a highly sought-after material that’s shiny and posh as well as useful in many industries and on the other hand we have a state of the art technology stack that can create trustless systems enforced by the power of science and mathematics. The global diamond trade, excluding the shine and glamour, is currently littered with the blood of the innocents.
The so-called “Blood Diamonds” are a gruesome reality, illegal diamonds are traded on the black market, and the money is then used to destabilise entire countries by funding despotic regimes and buying weapons to control the masses. By implementing a blockchain based accountability system, all of these issues will become a thing of the past quickly as every extracted diamond can be accounted for.
Glitzkoin(https://www.glitzkoin.com/): The Diamond Supply Chain based on the Blockchain technology!
By putting the current diamond supply chain on a distributed ledger infrastructure buyers and sellers will benefit significantly from it. With the help of Smart Contracts, users will be able to list diamonds on the platform for trading. The entire bio of the stone will be available for buyers; this will include gemological states and additional data required to create an underlying liquid asset based on diamonds.
So how does a transaction occur? Well when a buyer sees something he or she likes, they can transfer GLT tokens into Escrow that upon the final verification are assigned to the Seller. The diamonds are then sent back through the network for the buyer’s confirmation and then delivered to the buyer’s doorsteps.
The full trading history is safely stored on the append-only blockchain that is tamper-proof due to its decentralised nature. Hackers can try to attack the network, but given the fact that the protocol has no central point of failure, a brute force attack is virtually impossible. Here are some of the main advantages of the Glitzkoin network:
- Removing third-party intermediaries
- Distributed storage of transactions and records
- Virtually eliminating any possible fraud
- Easy cross-border transactions
- Enabling third-party businesses to emerge
One of the most exciting features of the Glitzkoin network is the ability to own a portion of a Diamond. Once registered on the network, a diamond holder will have the opportunity to sell it on a single or multiple Smart Contract enabling numerous buyers to own bits of their specific stone. This feature will allow retail investors to invest in sought-after diamonds that are usually reserved only for the wealthy.
Once deployed, Glitzkoin will create opportunities for third-party providers of adjacent services like goods insurance or safety transportation. The diamond trading itself will be performed with the help of the proprietary Glitzkoin token called GLT. A total of 999 million have been issued with 25% sold during the ICO period. The team behind this ambitious project is confident enough in the technology that a massive disruption will take place by opening up the prosperous trades to retail investors as well!