Today I shall be writing on an outstanding project which has taken up the challenge of revolutionising the Diamond Industry in devise ways;

• The buying and selling of diamonds
• Authentication of diamonds
• Tracking of diamonds
  by leveraging the latest blockchain technology.

It's no news about the adoption and devise applications of the blockchain technology into different area of life, solving real life problems e.g application in health sector, gambling etc. Well as said earlier the Diamond Industry is next. A team comprised of professionals from the diamond industry and experts from the technical field related to blockchains and crypto currencies has deemed it fit to revolutionise the Diamond Industry so as to bring about transparency in transaction and in general improve the industry.

Emerging Problems Of The Diamond Industry

The industry lacks trust and transparency which leads to doubts and gueswork in one's mind before and after the transactions between dealers, also is there the issue of the middlemen(banks) where by transaction cost increases due to the high cost of transaction fee implemented by banks or payment medium, additionally the record keeping of diamonds on paper isn't safe enough because there can be compromised by fraudulent and dishonest dealers.

Reference to the problems above there is need for transparency, visibility and objectivity in the diamond industry this has been needed for years however several companies have come up with ideas but their efforts were not enough the need for a better and solid project is paramount and that very platform which we need is what I present you today.

Glitzkoin

GLITZKOIN is a global startup that uses the best of emerging technology including blockchain, smart contracts and machine learning to assist in the reduction of risk and fraud for banks, insurers and open marketplaces in the diamond and precious stone industry.
Glitzkoin envisions to be the ultimate solution to the problems of the Diamond Industry. The core components of the projects are:

The Solution Proposed by Glitzkoin

This project seeks to build a blockchain based open ecosystem for the diamond industry where all the trades in diamonds can be conducted and coordinated with full transparency and simplicity. Also its tends to bring an end to paper based transaction processing thereby integrating a paperless record of transactions on the blockchain where by inputed data on the blockchain can't be ultered, this is one of features and advantages of the blockchain technology inputed data can't be compromised. This project will provide a seamless feature of diamond authentication and tracking capabilities. With the creation of a decentralized exchange platform for trading of diamond this will connects many stakeholders in the industry such as mining companies, including diamond
polishers, certification authorities, retail sellers and consumers all together in a single platform this will facilitate ease and efficiency of fulfilling transactions.

The Advantages Of Glitzkoin Platform

1. This platform brings about connection between different stakeholders in the industry.
2. The buying and selling made at ease through a simplified and user friendly interface.
3. Trust and transparency is regained back info the industry.
4. Theft prevention by authenticating and tracking the diamond.
5. Paperless record of transactions which can not be ultered nor compromised.
6. Allowing anyone to buy and sell diamonds.
7. Eleminates the middlemen and establishing trust directly between buyer and seller together with high transaction fees.
8. Enabling international transactions by removing currency conversions and other bank fees.

The Glitzkoin Token

The Glitzkoin will be the only and primary currency to be used in the ecosystem for all transactions.
Analysis of the Token & Fund Distribution is shown below

PARTNERS

THE TEAM

The team is comprised of a well selected professionals from the diamond industry and experts from the technical field related to blockchains and crypto currencies head by NAVNEET GOENKA the CEO meet the rest of the team by following this link

Learn more about the project by following the links below.
Website
Whitepaper
Ann Thread
Telegram
Medium
Reddit

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