GLITZKOIN: ENHANCING THE DIAMOND INDUSTRY WITH THE AID OF BLOCKCHAIN TECHNOLOGY

emmy92 (42)in #ico • 6 years ago

Decentralization is one of the outstanding features of blockchain technology which has made both new and existing platforms to embrace blockchain technology.
Someone might ask, what is Decentralization? As the name goes "decentralization" the act of taking power from the crowd and giving it to the owners or to a selected few. In blockchain technology, decentralization ensures that users data is protected and that users are also in charge of their personal data.
Other features of blockchain technology include;
a. Smart contracts: This ensures that real-time transactions are completed efficiently,
b. Time-stamping: This ensures that initiated real-time transactions is not lost and can be tracked.
The truth is, blockchain technology came with great revolution as its applications can be seen in;
a. Finance systems,
b. Healthcare systems,
c. Gaming platforms,
d. Engineering,
e. Information Technology etc, thus ensuring trust, transparency and reliability in each system or platform it's implemented on. Therefore, in order to be part of this great revolution brought by blockchain technology led a team of experts into creating a platform where trust, transparency and reliability are of optimum concern. This is no other platform than GLITZKOIN. Glitzkoin aims to disrupt the diamond industry.
Diamond is one of the world's major natural resources with the industry employing over 10 million people globally having specific roles. A study has shown that about $15 billion worth of rough diamonds are produced yearly, with $8.5 billion being produced from Africa only. With the global diamond industry growing to three-fold within 25 years, there is a need to enhance as well as coordinate all trades within this industry. This is what Glitzkoin aims to achieve.
In a nutshell, Glitzkoin aims to incorporate the attributes of blockchain technology such as transparency, trust, reliability etc into the diamond industry.
Glitzkoin aims to build a blockchain-based ecosystem solely for the diamond industry where all trades can be carried out efficiently, with transparency and reliability being the watchword.
Glitzkoin can be seen as a global start-up company or platform ensuring that there is an open marketplace in the diamond and precious stone industry thus leading to low-zero risk and fraud for banks and insurers which is achieved through the utilization of cutting-edge technologies such as;
a. Blockchain technology (in addition to smart contracts),
b. Machine learning.

WHAT GLITZKOIN AIMS TO ACHIEVE

Glitzkoin aims to achieve the following;

Incorporation of Blockchain Technology Into The Diamond Industry Supply Chain: Glitzkoin aims to ensure an outstanding platform where security, privacy and accessibility is paramount, as well as connecting on the same platform all stakeholders from mining companies to retail customers.
Furthermore, by creating a global platform based in blockchain technology the following is improved;
a. Cost of transportation,
b. Lack of visibility,
c. Inefficiencies associated with paper-based processes.
Decentralized Exchange For Trading Of Diamonds: Glitzkoin aims to promote the global diamond marketplace through the creation of a decentralized exchange built on transparency, trust and coherency. This is achieved via the utilization of machine learning algorithms.
Glitzkoin also ensures the following via its decentralized exchange;
a. Anyone can freely buy or sell diamonds,
b. Presence of trustless transactions between traders,
c. Transaction settlement time is reduced,
d. Promoting other services such as shipping and insurance of diamonds fulfilled by third-party providers.
Global Diamond Track and Trace: By building a global, digital ledger based on blockchain technology, the following is achieved;
a. Tracking of certified diamonds as well as tracking of precious stones throughout their value-added journey,
b. A record containing all attributes, origin and history of each diamond,
c. By authenticating and tracking of diamonds, theft is highly reduced.

GLITZKOIN ECOSYSTEM

Glitzkoin ensures a full and open ecosystem for the diamond industry providing;
a. Supply chain solution,
b. Tracking as well as certification of diamonds,
c. A decentralized exchange for trading diamonds and other related services.
Glitzkoin also makes it possible for developers to build new and innovative applications in addition to a seamless user experience for all participants of its ecosystem (traders, buyers, sellers and other stakeholders).
Components Of Glitzkoin Ecosystem

Glitzkoin Wallet: For viewing of coin balances, transaction history etc
Glitzkoin API (Application Programming Interface): Used for accessing various services offered by Glitzkoin.
Glitzkoin Merit Engine: On completion of the ICO, this feature is activated. It is a system which decides when and how rewards (coins) are given to the community.

INFORMATION ON INITIAL COIN OFFERING (ICO)

The Glitzkoin token is a utility token with a total supply of 999,000,000.

CONCLUSION

Glitzkoin aims to disrupt the current diamond industry via the integration of the latest blockchain technology into the supply chain diamond Industries.
Glitzkoin has the following benefits;

No middleman thus ensuring trust between buyer and seller.
With blockchain technology, paperless records, as well as attributes of each diamonds is secured.
Ensuring seamless international transactions by removing currency conversion as well as bank fees.
Elimination of fraudulent activities.

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