Glitzkoin: Blockchain Technology For The Diamond Industry

ebykamsiokoro (40)in #blockchain • 6 years ago

INTRODUCTION
Diamond has been a sign of opulence and luxury for ages as they are mostly used for jewelries. These diamonds have been a major mineral resource for economies in Africa. Approximately Africa produces 65% of the world's supply of diamond and globally the diamond industry employs about ten million people around the world. Glitzkoin seeks to takes advantage of the importance of diamond to provide a platform based on the decentralized blockchain technology that allows for smooth day to day activities in the diamond supply chain.
The blockchain technology is a revolutionary platform that makes dealings between parties easy, fast and ultimately beneficial to all involved. Blockchain technology makes 3rd parties and intermediaries obsolete thereby creating a direct line of contact between buyer and seller. This in turn cuts out all unnecessary expenses that usually bog down transactions and make them less profitable. Also, with smart contracts employed in the blockchain, the issue of trust is put to rest, ensuring that terms of the contract are duly fulfilled before executing. And the fact that blockchain is a decentralized system makes for transparent and immutable data storage which can be openly accessed by the public in the ledger and also once any information is written on the blockchain, it cannot be altered.

PROBLEMS IN THE DIAMOND SUPPLY CHAIN
Much of the retail transactions in the diamond industry take place by personal contact making the transacting parties to go extra length assessing the genuineness of each other before proceeding to business. This process cramps the business and even when the most shrewd evaluations are made there is still ample scope for misconceptions.

Person to person contact in processing diamond transactions confine the boundaries of the market size. All these shortcomings in the chain of distribution instigated the need for transparency, visibility and objectivity in the diamond industry many decades ago.

unnamed (6).png

THE GLITZKOIN PROJECT SOLUTION
Glitzkoin will integrate the latest decentralized internet value into the conventional diamond industry. Evaluations and assessment of the transacting parties will no more depend on guesswork and trial -and -error. This will bring transparency and simplicity to the diamond industry thereby diminishing barriers, increasing coordination and brokering trust in all the different stages in the diamond supply chain.

Glitzkoin decentralised crypotcurrency ecosystem based on the blockchain technology will open a new platform that eliminates the inefficiencies innate in the paper based transaction processes. This will reduce the cost of conducting trade in the global diamond market.

unnamed (7).png

Glitzkoin will also use smart contracts and artificial intelligence to assist in the lowering of risks and frauds for the insurers, banks and the other open markets in the diamond industry as well as other precious stone industry. Some advanced functions which will be implemented in the platform will allow for diamond tracing and tracking of all transactions making the system transparent and trustworthy.

GLITZKOIN ECOSYSTEM AND ACCEPTED CURRENCIES
The Glitzkoin ecosystem will have objectives and functionality such as running a supply chain that is based on the blockchain for the diamond industry and effecting a decentralised exchange. Others include global diamond tracing as well as tracking, and fielding an open ecosystem that connects the separate members of the supply chain.

Accepted currencies of the platform are Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple (XRP) and Stellar (XLM). These currencies will be used to make payment for Glitzkoin Token purchases. A total of 999 million tokens will be created and distributed in the following proportion ; 245 million tokens for initial coin offer (ICO), 200 million tokens for market making and excess demand, 200 million tokens for the community and the last 354 tokens for management purposes.

unnamed (10).png