How blockchain can improve several aspects of the diamond industry
There are certain materials and objects in the world that has had a status of luxury and wealth for centuries. One of those, is diamonds, the most popular gemstone on luxury jewelry. Everyone from bridesmaids to high profile rappers has diamonds on their valuable jewelry. Even though everyone knows about diamonds and their value, most people probably don’t realize just how much fraud is constantly haunting the industry. The last thing someone wants is to pay a huge amount of money for a diamond and then later realize that the diamond indeed is fake. There are also other aspects of the diamond industry that could be improved, such as making the trading of diamonds more convenient for both consumers and businesses and make the entire process less centralized. This is exactly what a project by the name of Glitzkoin aims to do. They are using blockchain technology to create an entire ecosystem around the diamond industry. Blockchain technology has the ability to make all transactions made on the network, secure, fast and transparent. But in this case, another feature blockchain brings is very important for Glitzkoin. The ability to have a total record of the diamond’s origin and history stored on the blockchain forever is immensely useful for the diamond industry.
Establishing a better trading network for the diamond industry
Glitzkoin has come up with a system which they believe is going to prove far superior to the current measures in the world of diamond trading. By using smart contracts on the blockchain, buyers can be certain the diamond they are purchasing indeed is genuine, while sellers can be certain they receive their payment. When a deal is started, the seller sends their diamond to verification, while the funds from the buyer are locked up in a smart contract. When the diamond is verified, the funds and the diamond will be sent to the respective party as the contract executes. Because of the decentralized aspect of the Glitzkoin protocol, traders of diamonds can actually enjoy lowers fees as middlemen are cut out. All of this truly is a huge step in the diamond industry, and it’s going to be exciting to see just what the Glitzkoin project will do to the industry.
Glitzkoin token sale
The Glitzkoin project is currently conducting their ICO, selling their Glitzkoin token (GLT). This token will be used within the Glitzkoin protocol to faciliate transactions once it goes live. The soft cap has already been reached, with the token sale scheduled to end the 25th of June. The GLT token is currently being sold at a rate of $0.2 per GLT. If you are interseted in the token sale and want to participate in it, then please visit the official Glitzkoin website here https://www.glitzkoin.com/
Glitzkoin introduction video
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
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