GLITZKOIN: Decentralized Global Marketplace For the Diamond Industry


Earth has provided us many materials and the one which is most precious includes diamonds. The various stages through which it has to go through for finally being accepted by the people is worth the price. People value the resources which are less in quantity and the price of such objects is also always high. Mostly Diamonds are used for jewelry purposes. In the process of buying diamond jewelry, the act of knowing the dealer is as important as the jewelry itself.
They are the ones who are the providers of the jewelry of diamond, and people have to decide whether to trust them or not. The trade in diamonds is still not transparent and includes the complex web of intermediaries. There needs to be a transparent system which can bring accountability and reliability in the diamond trading. Do you think it is possible for the current technological framework for developing a solution?
Solution offered
GLITZKOIN is building solutions for the diamond industry based on the blockchain technology and cryptocurrency. The full ecosystem of the diamond industry is being created on the platform; from the production of the diamond to the retail sale of the diamonds to the customers. The team working on the project is also targeting many other challenges in the industry, such as reduction in the risks and fraud for banks.

The first part of the plan is improving the supply chain of the diamond industry. With the help of smart contract technology, multiple processes in the supply chain are made transparent and cost-effective. A global marketplace for the diamond trading is created, which is open to anyone in the world, and it is decentralized in nature to ensure transparency and reliability.
Another functionality of the platform includes the tracking the diamonds. Certified diamonds on the platform can be easily tracked, and a record of attributes can be easily found on the platform. This process reduces the risk of theft and fakeness in the industry. With the help of the decentralization process, the transaction settlement time is reduced and the facilitation of the ancillary services becomes very easy.
Proprietary machine learning algorithms are being utilized on the decentralized platform for a transparent listing of the prices for the diamonds, and also the liquidity and standard on the platform is maintained. Diamonds can be uploaded and registered on the platform where they are grouped according to their composite and availability.
ICO INFORMATION AND TEAM
999 Million Tokens are created for the project in which 25% of the tokens are reserved for the ICO. The token sale is currently live on the platform. The funds will be spent on the development and marketing of the application. People involved in the project are experts in the diamonds and blockchain technology.
Conclusion
Diamonds will be the most precious element for the mankind. So, the process of judging a diamond dealer is entirely dependent on the rationality of the buyer. And, as we know, we are not the best decision makers in the critical situations. Many a time, people get cheated due to the purchase of fake diamond pieces of jewelry or not buying from reputed dealers.
And, development of an application which can make the trading of diamond simple and transparent will always find a place in the market. I think that they have taken the right step by introducing latest technologies in the diamond industry to ensure transparency and reliability. Trust of the people is one of the most important things in the business, and if they are able to win the trust of the people, they will be a leading platform in the diamond industry. What do you think?

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