New project on Stellar - Blockchain ecosystem for the Diamond Industry
Diamonds are one of the world’s, and specifically Africa’s, major natural resources. An estimated US$15 billion worth of rough diamonds are produced per year, of which approximately US$8.5 billion are from Africa (approximately 65%). The diamond industry employs over ten million people around the world, both directly and indirectly, across a wide spectrum of roles from mining to retail. Global diamond jewelry sales continue to grow, increasing three-fold in the past 25 years, and are currently worth in excess of US$79 billionevery yearTransactions in the diamond industry are made through personal contact, the parties involved try to assess each other and move ahead to the business process. It is rightly said that you should value the diamond dealer before valuing his diamonds. And even after applying the most diligent evaluation, there is ample scope for guesswork and misconceptions.
Glitzkoin seeks to build a blockchain based open ecosystem for the diamond industry where all the trade in diamonds can be conducted and coordinated. The purpose it to bring transparency and simplicity to the diamond industry. It integrates the conventional diamond industry with the latest decentralized internet value system. Evaluations and assessments will no longer bedone by guesses and hunches.It seeks to transform the diamond industry by diminishing barriers, increasing coordination, and instilling trust in cross-border transactions for the diamond industry.
**Objectives and Functionality:**
* Integrating the latest blockchain technology into the diamond industry supply chain
* A global trade platform using blockchain technology aimed at improving the cost of transportation, lack of visibility and inefficiencies with paper-based processes
* Connecting all stake holders from Mining companies to Retail customers
* Global Diamond Track and Trace
* Block chain based tracking for certified diamonds
* A record of attributes, origin a...