Picture for a moment the single and most complicated industry around the planet. Now imagine for a minute that the work done by someone basically with blood and tears is rewarded with peanuts and the paperwork around it is so contrived and complex that you can easily lose track of the raw material that makes that valuable industry work properly.
If you can picture that, then you have a pretty clear idea of the state of the diamond industry around the world. Currently worth around $15 billion worldwide, a share of $8.5 billion alone come from Africa, and the process is so complex on every region of the continent that applying Blockchain technology seems like a natural choice to simplify it.
The goal for Glitzkoin is to launch a platform powered by blockchain technology to control every aspect of the supply chain in the diamond industry. When a fair percentage of the raw material where diamonds come from in the mining process is lost, it’s wise to track down every step of the process from the moment it starts.
Glitzkoin allows just that by setting up an ecosystem where sales of diamond can now be handled on a global scale. Long gone will be the endless amount of bureaucracy needed to move diamond stones from one destination to another.
Now a simple proof of authority feature will grant the speedy delivery and tracking capabilities to the parties involved in a trade operation, no longer third parties will have to mingle on every trade operation rising up costs.
If Glitzkoin manages to be successful, it will set up a brand new set of rules for the sale and trade of diamonds around the world. Prices will be very competitive, and providers can choose to deal directly with vendors or with individual customers alike.
This will create a new balance to follow these transactions on new means since all the payments for these high-end stones will be handled using digital currencies, and their authenticity will be verified on the blockchain nods of the ecosystem. No forgeries will be delivered using Glitzcoin.
Sellers and Vendors can choose to share their data just with the interested parties to keep a healthy business environment. That means that while the blockchain is naturally public the information regarding every transaction will be handled solely by the people making each individual deal.
Glitzcoin is definitely out to change the way the diamond market is carried over in every sense. This niche is usually seen as a very exclusive business environment where just big players are welcomed. By linking the market with the use of digital currencies, everyone has a chance to get involved no matter the size of their capital or the actual knowledge about diamonds.
The stones will be handled with the same ease as FIAT currency or any other type of financial asset that can grow in value with time. The days of dealing with blood diamond of unknown origin will be done as each stone will have a fair cost imposed by the ecosystem algorithms and the market’s set price.
The offering of Glitzcoin certainly looks way more democratic than the closed system to deal diamonds and much safer, to learn more about it you can visit https://www.glitzkoin.com/.