GLITZKOIN - A DECENTRALIZED MARKETPLACE FOR TRADE IN DIAMONDS

It is no longer news that the Block Chain technology and crypto currencies are transforming the world and so is the diamond industry. Even with renewed efforts in recent times there has been no introduction of an ecosystem which is blockchain based and designed to address the different issues facing the diamond industry. The diamond industry is in need of an objective, visible and transparent system, for person to person contact in the sale or purchase of a diamond. Diamonds are one of the major resources of the world and mostly Africa. The diamond industry employs close to ten million (10) people worldwide whose jobs ranges from mining down to retail sellers and as such diamond jewelry sales rakes in a whopping seventy nine billion dollars every year and almost three-fold increase in the last 25 years. The process that brings diamonds from the earth to consumers is known as the diamond jewelry supply chain or the diamond pipeline and it undergoes different stages which includes, Exploration- Mining- Sorting- Cutting and polishing and the final stage of Retailing to final consumers.

As a result of the prevailing issues of the objectivity, transparency and visibility which have been plaguing the diamond industry for decades, thus the creation GLITZKOIN platform. The GLITZKOIN is a global startup which aids risks reduction and bank fraud as well as secures the diamond and precious stone industry using Block Chain technology, smart contracts and machine learning. GLITZKOIN aims at creating an open ecosystem for the diamond industry with a Block Chain foundation where all diamond trades can be conducted. It focuses on the integration diamond industry conventional features with the conventional utility of the Block Chain technology. The GLITZKOIN eliminates inefficiencies inherent in processing of paper based transactions. The value of the GLITZKOIN cannot be underrated as its implementation will greatly increase the market reach of the diamond industry, it eliminates the use of middlemen in transactions therefore reducing transportation and other related costs, also, by making the process more transparent, it instills confidence in diamond buyers whether professional or first timers. The uses of the GLITZKOIN platform are just innumerable and definitely outweigh any possible disadvantage it could possess.

Some objectives of the GLITZKOIN includes but not restricted to;

• The GLITZKOIN platform connects stakeholders from mining companies to retail customers.
• It provides a Block Chain based tracking for certified diamonds.
• It stores a record of the attributes, origin and history of each diamond.
• The platform eliminates trade barriers by allowing anyone to buy and sell diamonds
• Facilitates trustless transactions between diamond traders.

The GLITZKOIN team consists of seasoned professionals from the diamond industry as well as technical experts of Block Chains and crypto currencies. They facilitate ease and efficiency of transactions by bringing all the stakeholders like the mining companies, diamond polishers, certification authorities and retailers as well as final consumers on the same platform. GLITZKOIN platform is a well thought out project with adequate security setup already in place in order to ensure a secure and hack free trading environment.

Some of these security measures include;

• Privacy- It ensures user privacy by using bulletproofs for transaction data and trade secrets
• Identity and Network Security- Secure supply chain which eliminates bad actors and runs governance protocol using a federated by Zantine agreement system.
• Historical Records- It securely stores historical data and records, thus giving suppliers accurate facts to prove their reliability to buyers.
• Third Party Applications- the GLITZKOIN platform gives companies the ability to build end-to-end customized supply chain applications with data privacy.

The GLITZKOIN platform is a more sophisticated and useful and not just another Block Chain platform. It combines privacy, accessibility and security to create enterprise-ready applications

USEFUL LINKS
Website: https://www.glitzkoin.com/
Whitepaper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
Telegram: https://t.me/glitzkoin_token
Twitter: https://twitter.com/GlitzkoinToken
Facebook: https://web.facebook.com/GlitzKoin