Everledger Plans Blockchain Database to Combat Art Fraud
Everledger, the London-based startup known for uploading specifications on 980,000 diamonds onto the bitcoin blockchain, has announced a partnership with Vastari, a fine art and exhibition database. “Everledger and Vastari are a natural fit as we’re both in the business of protecting provenance," said Leanne Kemp, co-founder and CEO of Everledger. "For us it’s about creating a permanent record to protect authenticity of an item, for Vastari it’s guaranteeing an item's provenance while it’s mobile.” Vastari, in which Everledger holds an investment stake, acts as a middleman....
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A relatively new fraud detection company Everledger is reportedly utilizing the Bitcoin technology to prevent insurance frauds. The London-based startup was one of the entrants at the recently concluded Barclays Accelerator event, which saw Bitcoin startup Safello partner with Barclays to co-create a Bitcoin platform. Speaking to Techcrunch, Everledger's Founder and CEO Leanne Kemp said, "The perfect use case for the blockchain is most definitely when there is an immutable ID on a device that cannot be changed and it is sitting within an immutable ledger. And that is clearly within the....
Diamonds have an unlikely new best friend - the blockchain. London startup Everledger is using the technology behind bitcoin to tackle the industry's expensive fraud and theft problem. Or as CEO Leanne Kemp describes it, "putting bling on the blockchain". According to a 2012 study from the Association of British Insurers, around 65% of fraudulent claims go undetected, at an expense of £2bn to insurance companies annually. Diamonds play a key part in this, Kemp said: "Insurers will meet at a conference once a year and say 'By the way, did you see our diamond fraud has gone through the roof....
London blockchain startup Everledger is the joint winner of BBVA's European Open Talent competition. The startup, which uses blockchain technology to tackle diamond fraud and theft, will be awarded a €30,000 prize ($33,939) as well as an invitation to develop a project with the multinational bank. Rounding off the competition series, with previous finals taking place in New York and Mexico DF, Everledger competed against fellow bitcoin and blockchain companies Safello and Vaultoro. Everledger's win alongside Origin – a marketplace that connects issues and investors in the corporate bond....
Ascribe has announced the release of BigchainDB, a scalable blockchain database that can process 1 mln writes per second. Their first licensed user is Everledger, a diamond industry ledger. Why a scalable blockchain? In their press release, BigchainDB is described as a ledger which can “achieve one million writes per second with sub-second latency and petabytes of capacity in a federated blockchain database”. The platform will also allow “developers and enterprises to deploy blockchain applications and platforms at scale, formerly a limiting factor in getting sandbox proof-of-concepts into....
One of the main drives, since Bitcoin began gaining popularity, were the other possible uses of the block chain technology that drives it. Some have found ways to build other data layers on top of the block chain while others have found it possible to use the block chain to secure copyright notices. Everledger has devised a way that insurance companies can utilize the block chain to ensure that the items they are insuring are what they are said to be. This is not entirely secure, in the sense that a dedicated scammer could find a way to modify the actual diamond or what have you that was....