How Blockchain Technology will revolutionise the Diamond Industry with Glitzkoin

Diamonds as we know them has always been a valuable commodity for a very long period of time. It's been treasured especially by the ladies who use them as beautification ornaments and jewelleries, just as the saying goes ‘Diamond is a lady’s best friend.

Diamonds which are usually scarce are usually found in some parts of the world especially Africa. The diamond are usually mined by a diamond mining industry which then process the diamond through stages before it can be traded to retailers. The sales of diamond is increasing exponentially and as the world is evolving, so is the need for the industry.
The diamond industry has been faced with numerous challenges which included a very exorbitant fee of transaction, the inclusion of third parties to handle processing and transport of the diamonds, inaccessibility of the buyer and the sellers, lack of transparency in the diamond authentication processes, loss of diamonds due to poor tracking and improper handling, and delayed transactions due to traditional paper payment methods. All this problems gave a setback to the diamond industry and this gave a need for a solution to be found. This was where a start up project was born.

Introducing Glitzkoin,

With the incorporation of blockchain into most of our daily lives, Glitzkoin came up with a Solution, this was to incorporate the blockchain technology into the diamond industry in order to provide a solution to all the above mentioned problems. This gave rise to a decentralised platform where the trade of diamond can take place on. The deployment of the blockchain technology in addition to the smart contracts will reduce all the problems associated with the traditional payment methods, the handling and the processing as well as the trade of diamonds. This will also eliminate excessive fees due to the elimination of the middlemen as most of its processes will be computerised.

Benefits of using the Glitzkoin Platform

This platform comes with numerous features that makes the use of Glitzkoin very beneficial and they include

• It uses a decentralised blockchain technology that makes transactions faster, more transparent and very reliable and this beats the traditional payment methods e.g. Bank Payments, etc.

• With this system, the diamonds produced can be authenticated, documented, tracked, and made sure it reaches the target location, thereby increasing the reliability, the security of the system and also this goes a long way in the prevention of thefts and misappropriation.

• This creates an arena where the buyers are made accessible to the sellers, thereby making it possible for anyone to sell or buy diamonds.

• It also reduces the cost of fees by the elimination of third parties and middlemen by the integration of more services such as transportation and delivery of the diamond, the security details and no middlemen.

• Users data is stored on a decentralised database which means the data isn't stored in one place. This makes it impossible for hackers to have access to such information, so trading information and secrets are hidden from competitors.

• Users can also use the Glitzkoin platform to develop and design dapps it.

Therefore, the use of Glitzkoin will greatly improve the diamond industries greatly as it tackles the problems of productivity, reliability, objectivity and transparency in the sector thereby making a better ecosystem.

Links for further information on Glitzkoin
Website: https://www.glitzkoin.com/
WhitePaper: https://bit.ly/2JsUrWr
Telegram: https://t.me/joinchat/H2lmsxLwenY3S8Fp_CFQBA
Facebook: https://www.facebook.com/GlitzKoin-193241214767377/
Twitter: https://twitter.com/glitzkointoken
Medium: https://medium.com/glitzkoin
ANN: https://bitcointalk.org/index.php?topic=3534822.0;all

Author: hamzeto
https://bitcointalk.org/index.php?action=profile;u=1189991