While the GLITZKOIN crypto currency is bound to dram immense interest, the project has more than just a crypto currency to offer. Team resources in this project include proficiency in both, blockchain technology and the diamond trade.
Diamond sellers have faced saturated market sentiments in the past decade, there is more than just demand and supply this scenario. To put it in simple terms, the marketing strategy for diamonds has remained old and lethargic. Reliance on an ever growing chain of brokers and the inability to access new buyer groups, has resulted in lack luster sales.
GLITZKOIN has incorporated a high-tech platform on which diamond buyers and sellers both big and small, could confidently conduct their transactions. The platform is implemented on the state-of-the-art blockchain.
Both big and small diamond sellers can list their diamonds on the blockchain. Ever diamond that is listed, would necessarily have a diamond certification from one of the leading diamond testing laboratories. The seller discloses complete information about a diamond, the price expected is mentioned upfront.
Unlike the conventional trading of diamonds, where a buyer is placed at the end of a long chain of middlemen. The GLITZKOIN diamond blockchain, connects the buyer directly to the diamond asset listed by the seller. No middlemen means no inflated prices, this in itself would result in an exponentially growing market base for the glittering stone.
A diamond seller on the blockchain, would have access to a market base, that would otherwise remain hidden. Prices that are reasonable without being inflated with multiple commissions and brokerage fees, would be more attractive to buyers.
The amazing thing about this emerging market is that, it is not restricted to specific geographical regions. The use of the GLITZKOIN crypto currency to pay for diamond purchases, will also remove the problems that currency conversions and expensive bank charges create.
For those of you who happen to be technically minded, a blockchain is formed by a number of nodes. Transactions that are fed in at any node, are updated on every other node. Once recorded, a transaction cannot be modified even by, the creator of the transaction. This effectively creates a tamper proof base of records that are extremely tough to penetrate or hack.
So what happens to all those brokers and middlemen who have for decades, been an essential part of the diamond supply chain. Well, these wonderful men and women would soon need to find some more constructive and ‘value adding’ job to keep them going.