When we say that GLITZKOIN aims to build bridges, it should be clear that we are not in the construction business. Bridges in this case aim to fill the gap between businesses and technology. With reference to the GLITZKOIN project, it is the diamond industry that is being referred to. Many functional activities in the diamond industry have remained the same for decades. Long usage does not mean that they are efficient or secure.
The diamond experts onboard the team are well aware of processes that are pulling down the market for diamonds. The technical experts in the same team know for certain that, they do have the technology to address many of the weaknesses present in current processes. So you have inefficient business processes on one side and the technical gurus on the other.
GLITZKOIN has included experts related to every aspect of the diamond industry in their team. Blockchain technology experts have been carefully handpicked in the same team. The project strong project plan is directed at the deficiencies present in current diamond trade practices. Details have been worked out to configure a diamond blockchain, one that allows diamond trade to be conducted.
Buyers and sellers can interact directly with each other, middlemen men are left out of the transaction. The buyer pays exactly what the seller declared to be the selling price. The industry in its current form is dominated by middlemen and brokers, a chain of brokerage fees and commissions are added to the price tag.
Diamonds are often traded with little information disclosed, very few buyers have sufficient knowledge to evaluate all technical details related to the stone. Issues like fake diamonds, inferior quality and controversial diamond treatments are always a possibility. These are some reasons why, many diamond lovers never end up buying the stone.
The conclusion of a diamond sale needs to handle the payment process. Related expenses like shipping and insurance will also need to be settled. Considering that the buyer and seller could be located in two different countries, expenses for currency conversion and bank fees can be significant.
The diamond blockchain included in the GLITZKOIN would allow, diamond sellers and buyers located at any point on earth, to enter into a transactions. Only certified diamonds would be accepted on the blockchain, this removes the possibility of fakes. The diamond certificate clearly mention the diamond grade in terms of clarity and color, stone size and weight would also be included. Since diamond treatments would reduce the value of the stone, diamond testing labs clearly state treatment details (if any). Objective data would create trust between the buyer and seller.
The project also includes a crypto currency on the same blockchain. Transactions can be paid and settled with the help of this currency. It is also likely that the GLITZKOIN crypto currency would in the future, be accepted by other vendors as a mode of payment for their products and services. This will eliminate the need to pay expenses for currency conversion and bank charges.
The GLITZKOIN project is poised to bring about positive change in the diamond industry. With both buyers and sellers benefitting from the project, success and acceptance seem to be the only possibilities.