Blockchain based projects have until now been described as technical marvels. Hundreds of ICOs have been launched to promote such projects, most of them focused on a cryptocurrency and little more. There has been a gradual shift in the mindset of blockchain promoters, a stronger effort is being made to launch projects that could benefit an industry, a real world business. Rohit Agarwal, Tech Advisor with the GLITZKOIN Diamond Blockchain project, refers to them as ‘industry specific’ applications.
Building a blockchain application to address the requirements of an industry, requires an intense study and understanding of the processes and functions that are related to the industry. Rohit points out that, the entire tech team needs to focus on the business side of the industry. It is a business application and the business aspect takes precedence over technology. He adds that, technology is only as good as the utility value that it delivers.
Advising the GLITZKOIN tech team, Rohit Agarwal narrates how the diamond industry is a picture of, confusion and contradictions. On one side you are told of a massive 90 billion dollar turnover and in the same sentence, you hear about how the industry has been slipping into stagnation. While gazing at the luxury and extravagance of the glittering industry, you learn that it is driven by one of the most inefficient supply chains. Luxury magazines talk about diamonds that sold for millions of dollars, industry experts tell us stories that fake diamonds being sold as the ‘real thing’, are not unheard of.
Blockchain experts are accustomed to designing applications for technically minded users. The cryptocurrency sector has even created an exclusive world of its own, this comprises of blockchain and crypto world literates. The GLITZKOIN project includes a comprehensive Diamond Exchange. Nicknamed, DiaEx the exchange facilitates both B2B and B2C transactions. Users would be spread across the world, tech skills would be scarce. This dictates the requirements for a user interface that is easy to teach, understand and use.
A cryptocurrency deployed as part of an industry based blockchain, would have more to do then just be traded by crypto space participants. This is clearly demonstrated by the GTN token launched by GLITZKOIN. While the token itself is listed on crypto exchanges and draws, considerable interest from crypto enthusiasts, it is also the only accepted mode of payment on the DiaEx trading platform. The ability to settle payments within the trading platform using a cryptocurrency, requires the development of complex algorithms.
With attention focused on clearly defined problem areas within the industry, the GLITZKOIN project has a crystal clear idea of what the system needs to achieve. One of the objectives of the project is to eliminate, the strong presence of middlemen in the supply chain. The platform facilitates diamond trade between participants, spread across the globe. Listed diamonds can be accessed directly, without the involvement of intermediaries. Ensuring that the system only accepts certified diamonds, eliminates the possibility of fake diamonds being traded on the DiaEx Diamond Exchange. Using the GTN token to settle payments, reduces the need to go through cumbersome and time consuming banking procedures. International diamond trade brings in an added dimension of multiple currencies and conversion rates, this is fortunately not relevant when the GLITZKOIN token is used to make payment.
The essence of industry based blockchains is perfectly summarized by Rohit Agarwal – businesses need technology to improve efficiency and expand markets. This needs to be done without a significant increase in operating costs. Blockchain technology is ideally suited to such situations. Economies of scale kick in as the size of the project and extent of usage increases. The bottom line is that, the number of industry based blockchain projects, should show a robust growth in the coming years.
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