Everledger

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= a permanent global ledger for diamond certification

URL = http://www.everledger.io/

Blockchain-based object provenance for the diamond / jewelry supply chain: "provenance, which is the ‘chronology or ownership, custody or location’ of an object". [1]


Description

by Rick Huckstep:

"Everledger is a digital, global ledger that tracks and protects items of value. With the introduction of the ‘op_return’ functionality into blockchain, the ability to bind or add data into the blockchain ledger was enabled for the purpose of being able to add contract or asset data to a transaction. Everledger is using this functionality and the 40 bytes of arbitrary data available to bind transaction data as part of the hash, thereby securing the information into the ledger and making it immutable.

With Everledger, the record is tamper-free; it’s immutable and can therefore be trusted!This immediately addresses one of the major issues of document tampering. With Everledger, the record is tamper-free; it’s immutable and can therefore be trusted! Everledger has established relationships with the major certificate houses in the US, Israel, India, and Antwerp. These houses grade and certify each diamond for the market. Everledger takes this data and creates a digital ‘DNA’ record comprising the 4Cs, 14 metadata reference points and the unique identification code for each stone. With this information, Everledger knows who owns which diamond and where it is. It can even trace the movement of diamonds on platforms such as eBay and Amazon as they are bought and sold. Everledger works with insurance companies when diamonds are reported stolen, and alongside Interpol and Europol where diamonds are crossing borders and entering black markets. Everledger has recently constructed a consumer app that enables users to add their own diamonds (and other valuable items) to the Everledger blockchain.

Everledger also provides a Smart Contracts platform to facilitate the transfer of ownership of diamonds to assist insurers in the recovery of items reported as lost and/or stolen. Smart Contracts will also enable a fundamental change in the diamond marketplace and the way they’re financed." (http://linkis.com/banknxt.com/52323/Q9Vxo)


Discussion

Why Everledger was created

by Rick Huckstep:

"For the insurance companies and the law enforcement agencies alike, there isn’t a central, trusted database to turn to. The traditional approach for insurance firms is to focus on the policyholder more than the object being insured when assessing risk. Unlike high-volume objects such as cars (that are registered on central databases), the provenance of diamonds and high-end jewelry is all paper-based. Over time, buried in all this paper, provenance gets lost. When reviewing a claim, it’s near impossible for an insurer to accurately assess the quantum and the peril. (How many times have I seen this diamond, and how come it keeps being stolen?) Leanne Kemp saw that this massive industry problem could be solved with innovative technology. So, with nothing but her backpack, she left Australia and headed to London, the epicenter of the insurance market and a hive of activity for fintech and technology innovation.

In November 2014, Leanne took part in the Aviva hackathon, and 48 hours later, she and her team gave the winning pitch to clinch the Aviva Insurance Innovation Award. This led to an approach by Techstars to stay in London and join its accelerator program, where she formed her team. Gaurav Rana is an expert in blockchain technology and Marc-Antoine Trehin is an expert in data focused on delivering a working platform for industry.

This is how Everledger came into being, and earlier this month, Leanne presented Everledger at the Barclays Accelerator demo day. You can watch the pitch below." (http://linkis.com/banknxt.com/52323/Q9Vxo)


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