Before addressing the topic of a diamond blockchain one must first understand the conventional way in which the diamond trade has operated. The entire diamond trade has for many decades functioned in a closed environment. Sellers and end consumers separated by a chain of middlemen who acted as brokers.
Sellers were completely detached from the requirements of the final buyer and buyers, were never really aware of the history of the diamond that interested them. Interestingly, a consumer had no way of knowing the actual price that the initial seller had fixed. The final price was inflated with multiple broker profit margins.
The above related to the conventional way in which diamonds have historically traded and demonstrates the necessity for a change. GLITZKOIN is on track to making radical change revolutionizing the way diamond trading is currently conducted.
Here is the concept of a diamond blockchain, envisaged by GLITZKOIN a pioneer in this field. The concept of a blockchain is extremely technical, so we will try to keep this overview as simple and easy to understand as possible.
Blockchains are composed of a number of nodes, each node is as important as the other for the proper function of the system. Any transaction that is initiated on any of the nodes is updated on every other node. In the technical sense, such a distribution of data creates a base that is almost impossible to penetrate or hack.
In the context of a diamond blockchain, a diamond dealer could upload data related to his certified diamonds on to the blockchain. Detailed information about each diamond would be recorded. This would form a permanent record of the stone and no alteration to the recorded information could be done by anyone. This tamper proof record would be visible to all members on the blockchain. A prospective buyer could pick the entire information as disclosed by the seller, hence, no middlemen and no cloaked price tags.
GLITZKOIN’s reliable and fast and the Stellar platform hosts the diamond blockchain. The idea is to make the entire operation transparent to the seller and buyer. The technological wonder efficiently performs its critical function in the background. In due course of the project, services related to the transaction like shipping and insurance, will also use the same platform.
A sale and purchase transaction on the diamond blockchain will require a payment option. The GLITZKOIN platform includes a crypto currency, utility coins will be used to pay for diamond purchases and related expenses.
It’s important that diamond blockchains be supported by a team of technical experts and seasoned diamond industry professionals. GLITZKOIN has attracted some of the finest talent in both the technical and diamond fields giving them an edge in the diamond blockchain field.