Features And Benefits Of GLITZKOIN In The Diamond Industry.

Diamond as a precious stone has stood out due to its diverse unique properties, vast economic value and industrial use. It is the hardest material on earth. Over time this precious stone has been a store of wealth passed on from generation to generation, also made the owners financial status move to a higher level, bestow prestige and opulence upon the owner.

The Diamond industry is booming and constantly evolving. About 128 million carats of diamonds were estimated to have been produced Worldwide in 2016. Some major countries that produce Diamond include Australia, the Democratic Republic of Congo, South Africa, Botswana, and Russia. The Diamond worldwide reserves are estimated to be about 750 million carats with Australia having the largest reserves estimated at 210 million carats.

The continuous advancement of this industry brings about some challenges. These challenges must be completely tackled if the diamond industry is to move forward to the next level. This is the purpose of Glitzkoin as they hope to solve the challenges that include; lack of transparency and simplicity, evaluation and assessment based on guesswork and misconception, high risk, barriers, amongst others. This would be made possible by Glitzkoin which would create a change in the diamond industry by eliminating the barriers, guaranteeing precise coordination, ensuring trust in cross-border transactions for the diamond industry.

The transparent and immutable features amongst others of the blockchain technology would be highly beneficial to Glitzkoin as they plan to integrate blockchain technology, smart contracts as well machine learning into the Diamond industry. This would help greatly in solving the challenges of the industry. The Stellar blockchain is utilized here. Some important features and functions of GLITZKOIN includes;

Supply Chain on Blockchain for the Diamond Industry made possible by the Glitzkoin propriety Blockchain ensures complete privacy, user-friendliness, Identity and network security, immutable historical records and ability to build third-party applications. These shows that Glitzkoin is not just another blockchain and these impressive modifications would bring about the easy and efficient transactions in the Diamond industry.
Presence is a Glitzkoin Global decentralized exchange that would encourage the liquidating and investment in Diamonds just like any other financial assets in an environment that is transparent and secured thereby enabling trustees transactions between any parties on the exchange.
Presence of a global Diamond track and trace. This is an immutable digital ledger that tracks and protects valuable assets throughout their life journey would be built by Glitzkoin. The benefit of this is that assets properties, history, and ownership would be defined to create a permanent record on the blockchain. This digital record would be used by different stakeholders across a supply chain pipeline to price ownership and verify authenticity.
Creation of an open ecosystem that would encourage all parties involved in the Diamond industry interact seamlessly and also gift to developers the ability to build new and innovative applications.

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