The recent blockchain technological revolution is spreading to every industry like a wildfire, the gold industry is still lagging behind in almost every area. An industry that sees the production of over 1 billion dollars of diamonds every year. The industry is still void of simple feature like ease of transacting business without the physical presence of both parties but that’s not the case.
Many people today are discouraged from investing in the diamond industry because of the associated risks, and inefficiencies in the system. The GlitzKoin platform intends to correct this notion by revamping the current diamond industry. GlitzKoin is introducing the needed transformation in the diamond industry by building a decentralised marketplace for the secure, transparent and efficient trading of diamonds. By integrating blockchain technology, a set of smart contracts and machine learning algorithms, the GlitzKoin platform will reduce the associated risks and frauds which are commonplace with the diamond industry today, this will increase revenue generation for diamond traders and instil confidence in the hearts of traders. The GlitzKoin platform will provide supply chain solutions, tracking and certification of diamonds and a decentralised exchange for the secure and transparent trading of diamonds. The GlitzKoin solution will among other things;
- Eliminate intermediaries in the trade process will significantly reduce the heavy transaction costs diamond traders pay in order to purchase or sell diamonds.
- Introduce cryptocurrency in the diamond industry will reduce the inefficiencies inherent in paper based transactions processing and
Provide solution for tracking of diamonds all through their value added journey thereby eliminating diamond theft and loss. - Additional services such as shipping, insurance and financing of diamonds will also be provided on the GlitzKoin platform through the integration of third party service providers. This will come at a zero commission charge or brokerage.
For diamond owners who wish to trade their diamond on the GlitzKoin platform. The diamond will have to be certified by one of the authorised testing labs listed by GlitzKoin. After the diamond has been certified, it’s physical characteristics will be written to the blockchain which will be immutable to any outside interference. A diamond smart contract will be created for every certified diamond. A trader can decide to trade his diamond as a single Diamond-Smart Contract, a case where the sole ownership of the diamond will be a single individual after the trade has been concluded or as a multi Diamond-Smart Contract which will create multiple smart contracts which will allow retail clients to invest in high valued diamond.
A trader who purchases single Diamond-Smart Contract can request for the physical delivery of the diamond which will be automatically processed by the smart contracts, once the diamond has been delivered, the Diamond smart contract will be delisted from the platform. The decentralised marketplace will enable anyone whether a professional trader or an inexperienced trader to buy and sell diamonds on the platform since every diamond’s asking price and value will be listed on the platform which will be visible to everybody.
Through the GlitzKoin platform, everyone will be able to invest in diamonds the same way as in other financial assets and carry out the liquidation of assets in a secure and transparent manner. There is an opportunity for everyone to own individual diamonds or a share in multiple owned diamonds through the GlitzKoin platform.
Important GlitzKoin ICO Links
Website: https://www.glitzkoin.com/
Whitepaper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
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