GLITZKOIN seeks to leverage blockchain, smart contracts, and machine learning to reduce risk and fraud for banks, insurers, and open marketplaces in the diamond industry. The team claims to provide an ecosystem, viz. a supply chain solution, tracking & certification, and ’DiaEx’, a decentralized exchange for the trade of diamonds (and related services).
Blockchain technology and Crypto currencies are transforming the world and the Diamond industry is no exception. Despite some nascent efforts, no blockchain ecosystem focused on the diamond industry has been designed that encompasses the various issues faced by the industry.
The need for transparency, visibility and objectivity in the diamond industry was felt many decades ago. The need for person to person contact when processing a diamond purchase or sale, limited the size of the market. GLITZKOIN focuses on integrating the best features of the conventional diamond industry with, the utility and functionality of the latest blockchain technology.
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