Glitzkoin - Introducing Blockchain "Tech" To The $90 Billion Dollar Per Year Diamond Industry

Photo Source

Diamonds are one of the world's most precious gems. But for years, the industry has been inundated with problems. And without a solution, it was set to get even worse! Thankfully, programmers have come up with an ingenious way to streamline the production process, using Blockchain technology as a custom-access framework and Web portal. New Ethereum technology remedies the problem of subpar diamond sales and mining so it's a much more efficient process. The future of the diamond industry is actually looking good, and it's all thanks to new Blockchain technology!

Let's take a look at the face of online business for a moment. Around the world, you see Blockchain technology taking centre stage. From the new European Union banking directive (PDS2) to feeless cryptocurrency exchanges and customized business solutions. Blockchain technology has become a "Modern Marvel" of our time! And experts predict it will be the very first technology to ever eliminate corrupt spending and wasted resources on a grand scale.

Current Problems Facing The Diamond Industry And How Glitzkoin Can Help!

Lack Of Midstream Profitability - Wholesalers and consumers have both been affected by the excessively high price of rough diamonds. Because of the inefficiencies, corruption, risk, and inequality existing at the production level, it forces prices higher than they should be. This, in turn, pushes the price of polished/finished diamonds higher as well. When coupled with the uncertain demand for diamonds in general, the less than savoury profit margins hurt the diamond industry and "turn off" investors.

Declining Bank Credit And High-Risk Reputation - Banks are reluctant to extend credit to diamond mining and refining operations due to the high-risk nature of the business. Professionals are doing their best to collect as much credit as possible while limiting the credit issued to risky clients.

Overgrading And Temporary Color Treatments - In an effort to recoup the losses experienced from overinflated rough diamond prices, the illegal practice of overgrazing and colour treating diamonds is commonplace. This creates a fraudulent stream of diamonds that contribute to the detriment of the diamond sales process as a whole.

Undisclosed Mixing Of Synthetic Diamonds - In an effort to equalize the difference in the seriously problematic diamond mining, refinement, and sales process, industry workers are known to "inject" substantial numbers of synthetic diamonds into supply chains. This is an illegal practice and one that can be significantly reduced through the usage of Glitzkoin Blockchain technology.

The Call To Increase Competition And Transparency In The Industry - The diamond industry knows it's in trouble, and global awareness of Blockchain "tech" has led powerful business leaders to demand change. Introducing Blockchain "tech" to the industry as a response to this demand is the perfect solution.

The Blockchain Is The Real Solution To Diamond Industry Problems!

The problems that exist in the diamond industry don't have to do with the diamonds themselves, but the processes used to acquire and sell them. What the Blockchain does, is create a fraud-proof network for the mining, processing, and selling of diamonds. The result? Billions of dollars in saved capital, distributed to the legally rightful owners, instead of being lost, stolen, or wasted.

For more information, please visit the official Glitzkoin website at https://www.glitzkoin.com/