Greetings, friends!
Recently, blockchain has been increasingly used by projects that are not directly related to the sphere of IT and Finance: transparency and irreversibility of operations are undeniable advantages of this technology. The Glitzkoin project is no exception. The creators of the platform plan to introduce blockchain into the diamond industry-an industry where the lack of openness and security of transactions result in various frauds and multi-million losses.
A little about diamond mining in the XXI century
The industry is very conservative and closed, depending on the "human" factor: transactions are carried out at personal meetings and depend on the framework agreements of market participants, contacts are not subject to disclosure. This makes the diamond industry a platform for speculation, fraud and more serious crimes.
The production process itself includes a certain chain of operations, from exploration and production of stones to retail sale of diamonds. At each stage, a large number of companies, intermediaries and stakeholders are involved, who actively use the related services — transportation, insurance, document management, etc.Such a large and bureaucratic structure slows down the conclusion of transactions and seriously increases the final cost of the stones themselves.
Finally, the lack of transparency in the industry is hampering the creation of a global diamond exchange. As assets, diamonds and diamonds have long attracted investors: they are material, durable, easy to establish their authenticity. But the lack of clear pricing criteria (diamonds differ in physical properties — size, weight, shape, rarity, origin etc.) makes them extremely risky for investment.
The decision from Glitzkoin
First of all, the developers of Glitzkoin plan to create a global trading platform for stone manufacturers, buyers and companies that are engaged in related services. It will ensure transparency of all operations and transactions, will seriously reduce costs, eliminate unnecessary intermediaries, reduce transaction time.
All diamonds and diamonds must be subjected to additional certification - by signing a smart contract for each stone. The owner or manufacturer of the stone, who wished to sell it, is a smart contract, prescribes all the physical properties of the stone and all the necessary information-the place of production, the history of its purchase and sale, etc.so will be created protected from counterfeiting global register of diamonds and diamonds, which will be the guarantor of their quality.
The creation of such a database would, for example, allow for an active fight against blood diamonds. This is the name of diamonds mined in areas of military conflicts (for example, in Angola, Congo, Sierra Leone), the proceeds from the sale of funds usually go to the sponsorship of local terrorist organizations. The countries participating in the Kimberley process (an international organization with all the world's diamond leaders) agreed to oppose the production of conflict diamonds and obliged producers to supply each stone with a certificate. Using smart contracts forgery of certificates and of concealing information about the stones become impossible.
In such a register will be accumulated a lot of data on the physical properties of precious stones, which will be analyzed and systematized. Will developed its own objective assessment of the value of the stone. Through automation and the use of mathematical algorithms, the evaluation process of each stone will become independent and honest. So prices will be fairly regulated, and new sellers and buyers will appear on the market — those who do not have experience in the diamond trade.
The sale and resale of smart contracts turns certified stones into objects for investment. And the stones can be sold in shares-then one stone is several smart contracts. After the purchase of the stones can be obtained physically, but then the smart contract will be removed from the exchange. For the functioning of the resulting diamond exchange, a utilitarian token Glitzkoin was issued. Anyone can join the decentralized exchange of precious stones and become a retail investor of diamonds and diamonds.
Conclusion
Glitzkoin took the challenge: to modernize one of the most closed industries. The introduction of advanced technologies such as blockchain, smart contracts and mathematical algorithms into the production process will ensure careful control over all operations with precious stones and create an open platform for trading diamonds and diamonds. This will attract new sellers and buyers to the exchange, reduce transaction time and regulate pricing.
Website: https://www.glitzkoin.com/
Whitepaper: https://www.glitzkoin.com/dist/img/pdf/Glitzkoin-Brochure.pdf
Facebook: https://www.facebook.com/GlitzKoin
Twitter: https://twitter.com/glitzkointoken
Medium: https://medium.com/glitzkoin
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