Introducing Blockchain Technology to Diamond Industry

pubudu (8)in #ico • 6 years ago

A diamond is the hardest material on Earth and has long-since been recognized for its beauty as a gemstone. Some 128 million carats of diamonds were estimated to have been produced from mines worldwide in 2016. Worldwide reserves are estimated to be some 750 million carats. Australia has the largest reserves, estimated at some 210 million carats. Diamonds increase drastically in value through processing from production to retail. In 2016, for example, mined rough diamonds had a production value of some 15.4 billion U.S. dollars. After polishing, this figure increased to 25.1 billion U.S. dollars. In 2016, the global diamond jewelry market value was approximately 80.1 billion U.S. dollars. Nearly half of the world's demand for polished diamonds comes from the United States, with a 47 percent share of global demand in 2016.

So world Diamond industry is spread all over the world. If we imagine a platform that connecting all the Diamond suppliers into one place then what would be the alternates. We can't think of its advantages. Because it's a great concept with lots of advantages for the suppliers. It's a dream for Diamond suppliers. But now that dream can achieve. Because of Glitzkoin project. 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. They provide a full ecosystem for the diamond industry from a supply chain solution to track & certification of diamonds and finally a decentralized exchange for the trade of diamonds and related services.

They cover the latest breakthrough technology in the diamond industry's supply chain. Open a new platform for global trading in diamonds. GLITZKOIN eliminates the effectiveness of paper-based transaction processing. Many advanced features are provided with a very complex and detailed diamond track and ability. The goal is to decentralize the diamond market. This will be significant for the buyers and the dealer's abilities. Diamond trade does not require additional assistance such as shipping, financing, and insurance. These services will be provided by different service providers. The GLITZKOIN project will only be integrated into the platform and no third-party services will be used.

These are the major things that Glitzkoin try to give their platform...

PRIVACY

Ensuring transaction data and trade secrets remain encrypted and obscured from competitors by the use of zk-snarks and bulletproof to keep transaction data completely private

USER-FRIENDLY

The platform evenly coalesces into existing business process and applications thus requiring no technical know-how from companies and users.

NETWORK SECURITY

Creating a supply-chain that is completely secure and based on the federated detailed agreement system to administer network governance protocol and eliminate bad actors. Providing a database of transaction records, allowing suppliers to prove their reliability to prospective buyers and rating institutions over time.

THIRD PARTY APPLICATIONS

Enabling companies to build customized, end-to-end supply-chain third-party applications with data privacy.

Road Map