Blockchain technologies cover new areas of our life. This time, the introduction of the blockchain was subjected to the diamond trade. Well, you know how it usually happens: you buy another diamond, and you doubt whether it is a real diamond or a fake - you have to invite an expert. If you do not want to become a victim of scams and do not want to buy a real but stolen diamond, you will have to deal with a bunch of documents, see where the diamond is mined, where it is processed. But papers can be faked. Also diamonds are usually bought in person. In addition,the seller can short-change you, for example, if you know very little about diamonds. As a result, buying a diamond can be risky and stressful.

On the other hand, if you produce diamonds, you need a mediator for their implementation. Due to the narrowness of this market, there is a lot of mistrust and suspicion between the parties. All movements of diamonds pass through a small number of chains, the participants of which are forced to trust each other.

Well, or you have a desire to buy a diamond, but you have the money to buy only part of the diamond. An attempt to buy ownership of a part of the diamond is also doomed to failure, the Bank does not provide such a service.
However, there is a solution-the problems of trust between the parties to the transaction and forced centralization are solved by blockchain technologies.

GLITZKOIN-the first diamond blockchain

The developers of Glitzkoin are creating a completely new blockchain platform for the diamond industry. The service will involve all segments of the industry - from production to sale to the final buyer. Each diamond is assigned a unique identifier, and all its movements and associated documents are registered in the blockchain. Thus, it is possible to easily track the full history of a stone. The reliability of the blockchain will not allow to forge documents, so buying a diamond through Glitzkoin, you can not be afraid of scammers.

GLITZKOIN is both a registry of diamonds, and a decentralized market, which made the diamond trade without intermediaries. Given that transactions are recorded in the blockchain, the rating of the buyer and the seller is formed, which allows to assess the reliability of the trading partner.

Trading is carried out through smart contracts, which further reduces the risks. There is no need for an intermediary to guarantee the integrity of the transaction. The smart contract will perform the operation no matter what. The blockchain records the transaction and the ID of the stone owner. The stone remains with the seller, but you can make a new smart contract for the delivery of the diamond to the buyer. It is also possible to continue trading if the buyer does not have the opportunity to store such a valuable thing, or if the buyer wants to engage in speculative resale.

Furthermore:

• It is also possible to buy a part of the diamond by organizing social ownership of the diamond. Naturally, the purchased part can be transferred or sold to another network member.

• Not only the identifier and all movements of a particular diamond, but also the characteristics of the stone are entered into the base. Due to this, the platform automatically determines the market price of the stone- when trading through the exchange, it is quite difficult to overpay for the goods.

• The platform simplifies the document flow of the industry, transferring it to a paperless basis. Public documents are recorded in the public blockchain, private - in the private, with the necessary encryption.

• The order of delivery of stones,as well as insurance and other related procedures are made through the platform. The team is trying to unite in one system all those who are associated with the industry.

• Due to the full coverage of all market participants, the time of operations and their cost are significantly reduced.

Financial transactions in the service are paid for by project tokens, which will further reduce costs. You can buy tokens with a discount on the official website of the project - glitzkoin.com.

Summary

GLITZKOIN is an innovative product. So far, no one has tried to use blockchain technology in the diamond market. After the release, the developers promise to cover the markets of other precious stones.
In addition, GLITZKOIN is the only opportunity to add precious stones to the investment portfolio without facing the problems of buying and storing the asset. But even if you are not interested in diamonds, you should buy a couple of tokens, because with the release of the platform they will rise in price.

ANN: https://bitcointalk.org/index.php?topic=3534822.0
Website: https://www.glitzkoin.com/
Whitepaper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
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