GLITZKOIN has revealed a comprehensive plan for the implementation of a blockchain based diamond trading platform. A strong technical team with expertise in blockchain and cryptocurrency has been handpicked to do the job. The team also includes experts from the diamond industry, the project is focused on improving efficiency and market scope for the glittering 90 billion dollar industry.
The announcement of Navneet Goenka taking over as CEO of the project came as no surprise. An impressive project and a super talented team could surely deliver the required impact but, one important issue had to be addressed. The diamond industry is governed by conventions and long-standing procedures and practices. Resistance to change is high and this can become even more challenging when changes go against the agenda of certain stakeholders.
Don’t forget that blockchain and cryptocurrency are fairly new. Even technical minds are sometimes unable to grasp, the concepts and procedures related to this technology. Add to this the fact that, cryptocurrencies have been at the receiving end of some serious criticism and you will understand why the industry is a bit watchful when it comes to these innovations.
The appointment of Navneet Goenka as CEO is aimed at bridging the gap between, technology and the diamond industry. With more than 2 decades of experience in every aspect of the industry, he was instrumental in identifying the operational areas that could be drastically improved by implementing a diamond blockchain.
With Navneet now heading the GLITZKOIN operation as CEO, it should not be long before the diamond industry, takes a more positive look at the project. On full implementation, the diamond blockchain would allow diamond trade to be conducted at a peer-to-peer level thus eliminating, the need for middlemen. By eliminating the possibility of price cloaking and limiting listings to certified diamonds, the diamond blockchain would increase buyer confidence. The possibility of expanding markets in an industry that, could soon show signs of a slowdown, should be welcomed.
Trade in diamonds has always been dominated by international sales, multiple currencies and currency conversion are the norms rather than the exception. The industry has for decades borne significant bank charges and procedural delays. Using the GLITZKOIN cryptocurrency (GLT) to settle transactions would speed up the process and reduce costs.
Moving up from the advisory board of GLITZKOIN to take up the CEO post, Navneet Goenka has some inspiring words to say, ‘… the diamond industry is extremely close to my heart. Despite the magnificent 90 billion dollar turnover, the industry has yet to reach its full potential. It is time to shake off inefficiencies and embrace, a technology that could deliver positive change. I have taken up the challenge and will together with my team, move to deliver the much-needed change’.
Changing the diamond industry is sure to throw up some serious challenges. The effort to bring together one of the fastest developing technologies and an industry, that is symbolized by decade-old conventions, would call for patience, tolerance, and significant hand-holding. Navneet Goenka taking over as CEO makes things a shade easier, it could well be the ‘now or never’ moment for the industry.