BLOCKCHAIN ECOSYSTEM FOR THE DIAMOND INDUSTRY

Diamonds are all about glitter, glamor and prestige, they symbolize luxury and opulence. Transactions in the diamond industry are made through personal contact, the parties involved try to assess each other and move ahead to the business process. It is rightly said that you should value the diamond dealer before valuing his diamonds. And even after applying the most diligent evaluation, there is ample scope for guesswork and misconceptions. GLITZKOIN has been initiated to bring transparency and simplicity to the diamond industry. It integrates the conventional diamond industry with the latest decentralized internet value system. Evaluations and assessments will no longer bedone by guesses and hunches.

GLITZKOIN seeks to transform the diamond industry by diminishing barriers, increasing coordination, and instilling trust in cross-border transactions for the diamond industry.

PIONEERING THE DIAMOND BLOCKCHAIN

FOCUSED ON THE 90 BILLION DOLLAR DIAMOND INDUSTRY

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Abstract

Blockchain technology and Crypto currencies are transforming the world and the Diamond industry is no exception. Despite some nascent efforts, no blockchain ecosystem focused on the diamond industry has been designed that encompasses the various issues faced by the industry.

The need for transparency, visibility and objectivity in the diamond industry was felt many decades ago. The need for person to person contact when processing a diamond purchase or sale, limited the size of the market.

GLITZKOIN focuses on integrating the best features of the conventional diamond industry with, the utility and functionality of the latest blockchain technology.

Diamond Industry

Diamonds are one of the world’s, and specifically Africa’s, major natural resources. An estimated US$15 billion worth of rough diamonds are produced per year, of which approximately US$8.5 billion are from Africa (approximately 65%). The diamond industry employs approximately ten million people around the world, both directly and indirectly, across a wide spectrum of roles from mining to retail. Global diamond jewelry sales continue to grow, increasing three-fold in the past 25 years, and are currently worth in excess of US$79 billion every year.

Data sources : http://www.mining.com/ www.statistica.com

The diamond jewelry supply chain (known as the diamond pipeline) is the process that brings diamonds from the earth to consumers. It has several different stages:

Vision

This document outlines GLITZKOIN’s vision for the diamond industry. GLITZKOIN seeks to build a blockchain based open ecosystem for the diamond industry where all the trade in diamonds can be conducted and coordinated.

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. We provide a full ecosystem for the diamond industry from a supply chain solution, to tracking & certification of diamonds and finally a decentralized exchange for the trade of diamonds and related services.

GLITZKOIN UTILITY FOR THE DIAMOND INDUSTRY

We incorporate the latest blockchain technology into the supply chain of the diamond industry. This opens up a new platform to conduct global trade in diamonds. Besides reducing the costs related to a transaction, GLITZKOIN eliminates the inefficiencies that are inherent to paper based transaction processing. A set of advanced functions are implemented to provide a very intricate and detailed, diamond tracing and tracking capability. The objective is to decentralize the market place for diamonds, this will vastly open up access for buyers and sellers of diamonds. The diamond trade does require additional ancillary services like shipping, finance and insurance. These services will be provided by separate service providers. The GLITZKOIN Project will only integrate them in the platform and not be charging any commission or brokerage for such third party services.

MARKET TRENDS AND POTENTIAL

There is no doubt that the implementation of GLITZKOIN, will increase the market reach of the diamond industry. The increased visibility of products and the acceptance of a crypto currency, will make it possible for diamond dealers at all levels to increase their market share. At the same time, the transparency of the whole process and the authentication of the diamonds, will instill confidence in both professional and first time diamond buyers. The absence of middlemen and a lowering of transportation and other related costs, will allow for highly competitive pricing.

What is Glitzkoin?

Integrating the latest blockchain technology into the diamond industry supply chain. Changing the landscape of the $90 billion Diamond Industry, one diamond at a time.

THE GLITZKOIN OPEN BLOCKCHAIN

Supply Chain on Blockchain for the Diamond Industry

DIAMOND INDUSTRY SUPPLYCHAIN USING BLOCKCHAIN

GLITZKOIN is not just another blockchain, our team comprises of professionals from the diamond industry and experts from the technical field related to blockchains and crypto currencies. There are a number of stakeholders in the diamond industry, starting with the mining companies and including diamond polishers, certification authorities, retail sellers and consumers. By bringing all these stakeholders on to the same platform, we facilitate the ease and efficiency of fulfilling transactions.

Our propriety blockchain has privacy options configured specifically for the diamond industry. We ensure transparency by building on both, public and private blockchains so as to achieve a hybrid technical model. This combines the best of both worlds; high security of the public blockchain is paired with permissioned controls in private blockchains, this allow us to better serve the industry.

GLITZKOIN combines privacy, accessibility, and security to create enterprise-ready applications. Current blockchain technology does not meet industry needs as the Transaction data is completely public and Network security is often uncertain.

PRIVACY

GLITZKOIN uses zk-snarks and bulletproofs to keep transaction data completely private, which means transaction data and trade secrets remain encrypted and obscured from competitors.

USER FRIENDLY

GLITZKOIN solutions will seamlessly integrate into existing business processes and applications. No technical knowledge is required for companies or users.

IDENTITY & NETWORK SECURITY

GLITZKOIN’s supply chain is completely secure and based on the federated byzantine agreement system to run network governance protocol and eliminate bad actors.