Glitzkoin : A New Paradigm of Blockchain Based Diamond Marketplace

Considered as accessories of premium level of prestige, the diamond industry keeps maintain its healthy grows worldwide. On year over year the demand for diamonds grows, not only because more consumers want to acquire them as jewelries, but new knowledge originating from research has opened a new avenue to the implementation of diamonds for scientific or industrial purposes (ie: new material, drill bits, etc)

Over the centuries, a complete distribution network has been designed and improved continually for diamonds being mined from the ground and processed to get into the hands of retail consumers. The major obstacle has been a cumbersome supply chain process, as raw stones pass through multiple phases of production before arriving as a final product in diamond retails.

The challenge in the past for diamond sellers has been that in every stage of the production process there results in additional costs such as including currency conversion, insurance, security and paperwork. Additionally, there is an opportunity for theft, fraud or simple human error at every stage.

Consequently, up until now, each step of the process was built on trust and at the mercy of third parties. Trust in the integrity of whom you were doing business with and trust that you are getting what you paid for. All this comes at a price to everyone in the diamond supply chain.

The implications for a process not reliant on trust for transactions for a supply diamond chain is that it would revolutionize the diamond industry. Most costs associated with intermediaries would be eliminated as would most opportunities for theft, fraud and human error associated with paper-based transactions. Other cost benefits would be the reduction of insurance premiums, security and errors and omissions.

Blockchain technology would also expand the diamond market in general. Diamond sellers through a diamond blockchain would now have the opportunity to leverage technology by listing diamonds directly on the blockchain and have direct access to any consumer anywhere in the world. The positive implications for this are incredible. How would this be done?

Certified diamonds on the blockchain could potentially revolutionize the entire diamond supply chain and the “Trustless Transactions” would provide greater efficiency and margins to sellers. Imagine the economic implications of being able to list your diamond directly on the blockchain and instantly make it publicly available to anyone in the world.

Retail consumers would have direct access to all the properties of the diamond including size, color, weight and cut from anywhere and anytime. Additionally, photos and authentication certificates would also be available. This reduces the requirements for centralized intermediaries, which in turn should result in reduced costs for both sellers and buyers, leaving a bigger margin despite lower prices. It’s a win-win condition for both parties involved in the transaction.

Glitzkoin intends to implement blockchain technology to achieve this goal by developing a diamond blockchain platform. Decentralizing the diamond supply chain will lead to more cost-effective, secure, and easier to track and trace either transactions or diamonds authenticity. these new technology breaktrough will have substantial benefits to both buyers and sellers of diamonds as the economic efficiencies of the supply chain results in lower prices for the consumer and better margins for sellers.

Glitzkoin has seasoned professional diamond experts with decades of diamond industry experience. Not only bring expertise from diamond industry, it has also brought some of the most seasoned and talented blockchain and cryptocurrency experts to develop and manage the Stellar blockchain platform to propel the diamond industry to a whole new level.

Please visit https://www.glitzkoin.com/ to invest now !

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