When the nightly news first started talking about blockchain awhile back, I thought to myself, that I must be the only person in the world who has no idea what this blockchain thing is all about. Then I heard the voice in my head of my grade 9 chemistry teacher, Mr. Cripps, and what he would tell the class, as most of us stared blindly at the chalkboard, lost in the periodic table. He would say, “it's never too late to learn, but sometimes we learn when it's too late”.
Blockchain is the next genesis of the internet. Blockchain technology is virtually limitless in its application and promises boundless opportunity for society, commerce, government, industry and each and every individual person. To understand blockchain, it is important that you understand first how the internet works.
Over the past twenty years or so, we have been a world powered by the “Internet of Information”. So when someone sends an email, a word or excel file, PowerPoint or text, they are not actually sending the original, but rather a copy. This can be a problem. Think about if you are sending sensitive information like financial assets, intellectual property or even a vote, this can lead to problems.
It can lead to a problem that cryptographers refer to as “double spending”. Today we rely on intermediaries like governments, banks, credit cards and social media companies to establish trust and certainty within each transaction. This includes authentication and identification of the parties involved, clearing and settling the transactions and maintaining records.
The problem is that they are centralized and provide an easy target for hackers to attempt to breach. We need only think back recently to the Equifax security breach where hackers accessed personal data of over 143 million people, including Social Security numbers, addresses, birthdays and even drivers license numbers. They stole credit card info for over 200,00 US consumers.
I won’t get into the technical side of how it works here, but in layman’s terms, blockchain is a decentralized technology that works without the need of intermediaries or middlemen. Blockchain technology as it is adopted into the mainstream will disrupt the traditional ways that most governments, businesses and people transact, making it a more secure, faster, transparent and cost effective method for sharing and distributing information.
Most blockchain applications would therefore, create a more optimal system of decentralized innovations relative to the way any sort of exchange of value transpires today.
GLITZKOIN has a seasoned professional diamond team with decades of diamond industry experience. We have also brought aboard a strong technology team with thorough expertise in blockchain technology. The objective is to build a state-of-the-art diamond trading platform based on the Stellar blockchain. The project also includes the deployment of a crypto currency which would, be used to handle payment settlements for diamond purchases. The currency is expected to get a much wider acceptance among other industries and businesses.