GLITZCOIN: BLOCKCHAIN ECOSYSTEM FOR THE DIAMOND INDUSTRY
Victor OladejiThe blockchain technology and cryptocurrency are transforming the world and the diamond industry is not an exception but little has been said about the effect of the blockchain technology on the diamond industry. There seems to be no blockchain ecosystem forcused on the diamond industry that has been designed to encompasses the various issues faced by the industry.
The diamond is Africa’s major natural resources and there is need for a transparent, visible and objective dealing in the sector. The need for person to person contact when processing a diamond purchases or sale, limited in size of the market.
It should be also noted that transactions in the diamond industry are made through personal contact, parties involved in the diamond business transaction try to assess themselves before moving ahead to the business process.
To transform the diamond industry with the use of blockchain, the GLITZCOIN came to focus it’s strength on integrating the best features of the conventional diamond industry within the utility and functionality of the latest blockchain technology.
The goal/vision of the GLITZCOIN is to build a blockchain based ecosystem for the diamond industry where all the trade in diamonds can be conducted and coordinated.
The GLITZCOIN aim to use the blockchain technology, smart contract machine learning to assist in the reduction of risk and fraud that is rampart in the diamond industry. The GLITZCOIN will provide a full ecosystem for the diamond industry from a supply chain solution to tracking and certification of diamonds and finally a decentralized exchange for the trade of diamonds and related services.
THE GLITZCOIN OBJECTIVE AND FUNCTIONALITY
The GLITZCOIN aim to create a global trade platform using the blockchain technology to improve the cost of transaction, lack of visibility and inefficiencies with paper-based processes. With the platform there will be a block chain based tracking for certified diamonds, a record of attributes, origin and history of each diamond, also there will be theft prevention by way of authenticating and tracking of diamond, all these with the use of the global diamond track and trace feature on the GLITZCOIN platform.
The GLITZCOIN combines privacy, accessibility and security to create an enterprise-ready applications. The current blockchain technology does not meet industry needs as the transaction data is completely public and network is often uncertain.
THE DECENTRALIZED EXCHANGE
The GLITZCOIN as a decentralized exchange focuses on bridging the wide gap between the traditional diamond industry and the innovative financial markets spearheaded by cryptocurrencies. The GLITZCOIN foaming exchange will enable everyone to invest in individual diamonds and also share of the high-valued store or share in the basket of diamond like an ETF. With this decentralized exchange, traders can have full confidence in buying and selling, even without a prior knowledge of the diamond trading before. This is because the GLITZCOIN create a unique benchmark value, rate and smart contract for every stone.
THE GLITZCOIN OPEN ECOSYSTEM
The GLITZCOIN ecosystem is a collection of decoupled services which run in tandem to provide a seamless experience for diamond traders, buyers, seller and other stakeholders.
The GLITZCOIN is a proud contributor of the stellar community, committed to advancing open source collaboration and working alongside the brightest minds in the blockchain space.
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