Everledger: blockchain-based diamond fraud detection
Everledger is a digital, permanent, global ledger that tracks and protects items of value by using the Bitcoin blockchain as a platform for provenance and combating insurance fraud. The London start-up is starting with diamonds, with a view to expanding into other luxury goods – high value items – whose provenance relies on paper certificates and receipts that can easily be lost or tampered with. With Everledger, the record is tamper-free; it’s immutable and can therefore be trusted. It 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. Diamonds are a global problem in terms of document tampering and fraud. In London it’s a 2 billion USD problem, meaning it is realistic to generate revenue with a blockchain-based diamond fraud detection system. 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 (color, cut, clarity, carat weight), 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. The incentive for insurance companies to get involved is to reduce claims fraud and also recoup costs associated with paying out claims.
Why we selected Everledger for DIA Barcelona
Everledger is all about reducing fraud and claims costs; that is why we selected Everledger to present its innovative solution at DIA Barcelona. In the traditional approach for insurance firms, when assessing risk, there is no central, trusted database to turn to. Leanne Kemp, founder and CEO of Everledger saw that this massive industry problem could be solved with innovative blockchain technology. Providing verification for insurance companies, owners, claimants and law enforcement .The acceleration of Everledger from a fledgling idea to a production platform is astounding. It already has over 853,000 diamonds registered. At Everledger they are building the digital vault of the future!. And the possibilities are endless.
Who is Everledger
Leanne Kemp, CEO of Everledger and a serial entrepreneur with a strong interest in emerging tech. 10 years ago, she invested in a jewelry business and struggled with the traditional bricks and mortar approach to luxury goods and insurance, especially with regards to diamonds. In November 2014, Leanne won the Aviva Insurance Innovation Award. This led to an approach by Techstars to join its accelerator program. She formed a team with Gaurav Rana and Marc-Antoine Trehin. Everledger is the winner of the Fintech Finals 2016. “Bringing Bling to the blockchain.” “We want to assist in reduction of blood diamonds.”
Presenting at DIA Barcelona Leanne Kemp, Founder & CEO
Contact info Business Development/Sales: Calogero Scibetta, Operations & Business Development, [email protected]
Press/Media: Jane Tamone, Media Manager, [email protected]