Bitcoin Technology To Combat Diamond Fraud
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....
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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....
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....
Bitcoin's first cashless ATM has just gone live in Queensland, Australia. The ATM kiosk was installed at the Bluff Café, which is located in Burleigh Heights. The ATM has been a long time in coming since Diamond Circle announced its development in March this year, but it is now and finally here. The Diamond Circle ATM works together with its bitcoin debit cards. They cannot be used with any other ATM. In March this year, CCN carried the story about Diamond Circle having developed the first cashless Bitcoin ATM. In explaining how the Bitcoin ATM would work, the company's Chief Technology....
De Beers, one of the leading diamond-producing companies globally, recently announced the deployment of its blockchain-based diamond source platform at scale. The platform will “enable the provision of provenance information from source to Sightholder to store on a secure blockchain.”
Immutable Record of a Diamond’s Provenance
One of the world’s top diamond miners, De Beers, recently said it had deployed a blockchain-based diamond source platform at scale. The platform, which is known as Tracr, gives the so-called sightholders the ability “to....
Blockchain integration into any sector has proven to be a fitting move, and the diamond industry’s interest in this technology will without doubt be instrumental in its improvement. Diamonds are some of the world’s most valued gemstones, and the global diamond industry has managed to remain afloat despite being partially eclipsed by the emergence of modern stocks and novel virtual assets.The diamond industry, however, appears to be undergoing a paradigm shift in recent times — incorporating modern technology such as blockchain to improve diamond production, tracking and ultimate sales.....