GLITZKOIN: AN EFFECTIVE DIAMOND TRADING ECOSYSTEM ON THE BLOCKCHAIN FOR ALL DIAMOND TRADERS

ifykiki (43)in #diamond • 6 years ago (edited)

The contribution of the blockchain technology has cut across many sectors. This technology however does not only penetrates many industry but also help simplify and coordinate their business activities to bring about tangible results. Due to the transparent and decentralized structure, businesses handled by the blockchain technology enjoy high level of security as well as a fast and profitable returns of investments. So in order to modify the diamond industry, there is need for the adoption of the blockchain technology, to enjoy fast transaction processes, elimination of fraudulent practices and many more advantages which will prolong a satisfactory services to the stakeholders in the diamond sector. To achieve this, a trading platform known as Glitzkoin is inaugurated.

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The Glitzkoin platform happens to be a diamond trading platform, which settles diamond trading using the blockchain to achieve a remarkable financial control, and balanced diamond sector without trivializing matters of security as well as transparency. This trusted platform brings together all diamond traders and the buyers for the purpose of trading diamonds in a profitable manner using the blockchain technology. This platform however seeks to elevate the international influence of diamond trading through the breaking of all its trading barriers and the boosting of the international sphere of the industry. More so, Glitzkoin enhances proper documentations and effective keeping of datas inorder to avoid all forms of manipulations in the system.

Glitzkoin is uniquely characterised by its way of promoting trust between buyers and sellers by displacing brokers and the middlemen in the trading operations. However, it is reputable for its special ability to keep documents and records in a decentralized manner, and the secure storage of diamond charateristics as well as paperless records. Furthermore, Glitzkoin's approach to curbing fraudulent practices ensures the impossibility of making or trading a counterfeit product to the buyers, hence protecting the integrity of the platform. Interestingly, this platform imposes no currency conversion charges as well as bank charges in its international transactions but accept low affordable fees in its working operations.

Glitzkoin is established to help simplify the traditional paper-based mode of operation, thus making diamond trading efficient and quite comprehensible as a global trade. Glitzkoin serves as a focal point - meeting point for all its stakeholders to connect. The stakeholders however includes; the mining companies, diamond traders and the customers which purchase their product. In addition, the trajectory tracing and tracking of diamonds is based on the blockchain protocol from the recorded attributes and history to help prevent the theft of diamonds.

The Glitzkoin platform helps to create a decentralized market for diamonds which enhances easy transaction process between diamond stakeholders.
Furthermore, this platform exposes diamond trading to everyone while making supportive services available to the third parties, these services therefore includes the insurance and shipping diamond services.

Finally, the platform reduces the required time for its trading operations to a minimum, this yielding quality trading service at a fast pace. It should however be noted that the integration of Glitzkoin to the diamond industry would bring about drastic revolution in the trading of diamonds, benefitting all buyers and sellers as well as the diamond mining companies.

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