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Impact of Blockchain Technology on the Diamond Industry:
Like other large industries, blockchain has a lot to offer the diamond industry from its various breakthrough features. This can be summarized into three Qs: transparency, traceability and tokenization.
Transparency:
In an age where the global diamond market is taking the steps necessary to ensure sustainability and environmental friendliness by eradicating the conflict (or blood) of diamond trading and becoming 'ecologically responsible', blockchain technology seems - and has proven - to be the best approach.
The blood diamond trade continues to be a weakness for the industry, even with the application of the Kimberley Process. The Kimberley Process Certification Scheme involves local governments working with international organizations to ensure each batch of diamond sent from participating regions is certified.
But, let's face it: humans generally don't trust (centralized) organizations today; they trust technology more, because they can get insight into what's happening behind the scenes. Apart from that, the certification scheme is complicated and complicated, with many processes and players leaving plenty of room for evil actors - even though they claim to have a success rate of 99.8 percent.
The process can be more efficient by applying blockchain technology to deliver real-time data, from mines to jewelry stores. Blockchain removes central authority by serving as a source of truth where working nodes must work together (reach consensus) to verify transactions. This will ensure that the mining process is fully transparent, guaranteed to eliminate the evil doers.
Traceability:
Blockchain offers perpetual records of stored data, which implies that after the entire process is recorded, it cannot be retroactively tampered with. All mining data (time stamp, output, value) will be recorded permanently on the blockchain. Thus, diamond collections can be easily traced back to origin so that the owner can have full confidence in the traceability of their 'clean' diamonds.
In addition, auditing is fundamental to building resources throughout the diamond supply chain, and blockchain provides a platform for auditing and compliance with regulations.
Tokenisasi:
The rapid improvement of blockchain technology has contributed greatly to the digital revolution. It is believed that this technology will one day achieve massive adoption in key sectors and will be responsible for handling most of the world's exchange of values and information.
For some people, the fact that Bitcoin springs to mind about the mention of blockchain seems to indicate that technology 'does not yet exist'. However, blockchain technology is not synonymous with Bitcoin; one of the many applications is in the development of digital currencies (cryptocurrency), Bitcoin is an example.
Although the blockchain technology was originally developed as a publicly distributed ledger to verify and record Bitcoin transactions, it has now become clear that blockchain technology offers applications without limits than the P2P digital currency system: it can be used to store valuable information, which basically creates value Internet.
Blockchain technology uses a distributed ledger system to store data safely and forever in a container called a block. Several use cases continue to be discovered, with new blockchain platforms popping up now and then. One of the innovations developed to exploit the full potential of blockchain technology is a smart contract. Smart contracts are self-executable blocks of code that allow for the exchange of smooth, automatic and secure token blocks.
Stemming from the need to eliminate third parties, smart contracts and tokenization work together, allowing nodes to carry out transactions without trust. This implies that contracts can be designed between individuals and the actions that have been determined are implemented automatically after the specified conditions are met, without the need for a third party to verify the contract. So, for example, an owner who rents out his home can cancel the lease agreement and make a smart contract to execute after the funds are sent to a unique wallet address. Tenants will then get a digital access key after payment is verified.
In 2013, Vitalik Buterin proposed Ethereum, an open-source platform with a low entry barrier to allow programmers to easily develop and use decentralized applications (dApps). This development was funded through a crowdsale between July and August 2014 and the platform aired before the end of July 2015.
Development of smart contracts opens blockchain technology for use cases that have not yet been found outside digital currencies. Decentralization applications began to be developed in various industries, ranging from agritech, health care, aviation, government (especially elections and election management), and even the diamond industry.
The Impact of Blockchain Technology on the Diamond Industry.
Like other large industries, blockchain has a lot to offer the diamond industry from its various breakthrough features. This can be summarized into three Qs: transparency, traceability and tokenization.
Transparency:
In an age where the global diamond market is taking the steps necessary to ensure sustainability and environmental friendliness by eradicating the conflict (or blood) of diamond trading and becoming 'ecologically responsible', blockchain technology seems - and has proven - to be the best approach.
The blood diamond trade continues to be a weakness for the industry, even with the application of the Kimberley Process. The Kimberley Process Certification Scheme involves local governments working with international organizations to ensure each batch of diamond sent from participating regions is certified.
But, let's face it: humans generally don't trust (centralized) organizations today; they trust technology more, because they can get insight into what's happening behind the scenes. Apart from that, the certification scheme is complicated and complicated, with many processes and players leaving plenty of room for evil actors - even though they claim to have a success rate of 99.8 percent.
The process can be more efficient by applying blockchain technology to deliver real-time data, from mines to jewelry stores. Blockchain removes central authority by serving as a source of truth where working nodes must work together (reach consensus) to verify transactions. This will ensure that the mining process is fully transparent, guaranteed to eliminate the evil doers.
Traceability:
Blockchain offers perpetual records of stored data, which implies that after the entire process is recorded, it cannot be retroactively tampered with. All mining data (time stamp, output, value) will be recorded permanently on the blockchain. Thus, diamond collections can be easily traced back to origin so that the owner can have full confidence in the traceability of their 'clean' diamonds.
In addition, auditing is fundamental to building resources throughout the diamond supply chain, and blockchain provides a platform for auditing and compliance with regulations.
Tokenisasi:
Gold is generally preferred as a store of value by investors, mainly because there are easier ways to standardize its value. Diamonds are also a valuable natural resource, and they can easily overtake gold as the preferred choice for investors because they are easy to carry and easily valued.
Blockchain provides a viable solution, with an irreversible decentralized ledger designed to track each diamond's data (including value and origin). To streamline the process, diamonds can be grouped into sets with the same value, and each set is packaged and recorded on the blockchain. After this is done, users can track diamond trading and movements throughout the supply chain using a unique ID on each set.
In another scenario, after information about each batch of diamonds has been registered on the blockchain, its value can be pegged. The token can then be used as a transfer value to buy diamonds. That way, traders can verify the origin of diamonds and ascertain whether they are sourced ethically.
Overall, blockchain technology can effectively overcome the current shortcomings experienced in the diamond industry, especially sustainability and sourcing. This will surely open up more ways for distractions throughout the industry to trade clean and sustainable diamonds.
The company launched an initial exchange offer (IEO) with the aim of enabling collaborative extraction of diamonds. IEO provides the possibility to obtain the machinery and manpower needed to carry out operations. By doing this, the token owner can play an active role in the story of Millennium Mining Corp by directly capturing an important part of the company turnover.
Duration 1 June 2019 - 1 July 2019
Token Name: ICOIN:
Total supply of tokens: 1,550,000,000 tokens
Minimum purchase per address: 100 ICOIN
Accepted currencies: BTC, ETH, USD through WorldMarkets.io
Token emission price: 1 USD / token
Distribution: Will happen instantly. After the IEO period has passed, investors will be able to trade or withdraw tokens.
Soft cover: 3,500,000 ICOIN
Hard stamp: 10,000,000 ICOIN
Bonus Token Sale: 3% of the total supply of tokens
YEAR Profit% Estimated cash
(USD / million)
Impact on ICOIN:
(% Growth)
Year 1: 100% $ 3,500,000 200% ($ 3)
Year 2: 100% $ 6,000,000 400% ($ 5)
Year 3: 80% $ 25,000,000 1000% ($ 11)
Year 4: 70% $ 50,000,000 3000% ($ 31)
Year 5: + 50% $ 50,000,000 5000% ($ 51)
ROADMAP:
2019Q3
Launch of iCoin International
Initial Kickoff Exchange offer
Q4
Machine acquisition
Site preparation
Mobilization of labor
River diversion
Extraction kickoff
2020Q1 - Q4
Return on investment
First market injection
Mining growth potential
Identification of other mining locations
2021+
Sustainable market injection
Other types of identification of natural resources
Operating expansion
Team:
Joseph Goldblatt: Project Manager
David Hauck: COO
Solomon Bleier: CFO
Sherman Cheung: CSO
Anders Johnsson: Addressing
Sam Levin: Counselor
Tudor Vesa: Appointment
Thank you for reading my blog. For more information, please click the link below:
Website: http://bit.do/e3VkH
Facebook: https://fb.com/projecticoin
Twitter: https://twitter.com/projecticoin
Telegram channel: https://t.me/projecticoin
Telegram Group: http: //t.me/projecticoin_group
AUTHOR:
USERNAME:Damkar58
ETH Address:0xFa468a5de2759AC15f1191d9A78240F2e7B137B0
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