Everledger Uses Block Chain to Combat Insurance Fraud
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....
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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....
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....
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....
Earlier this month, blockchain startup Everledger joined the latest class of a startup accelerator owned by insurance and financial services company Allianz France. Everledger, which uses a blockchain as a distributed registry for diamonds, is set to work with Allianz France, a subsidiary of Germany-based Allianz, to explore the technology even further. Sylvain Theveniaud, managing director for the Allianz accelerator, said in a recent interview that his company sees promise in the blockchain and will work with Everledger to develop proofs-of-concept as part of a research initiative. By....
Bitcoin was designed to be a decentralized and trustless payment network - with the power to do this provided by the block chain and its ability to publicly confirm the digital currency's digital transactions. Rather contentiously, however, as the bitcoin economy expands, more and more transactions are being carried out off the block chain. Such transactions are tracked on private databases instead of the block chain, and cannot be publicly tracked. There are pros and cons to both systems. So, which are better? Off-block chain or on-block chain transactions? Visible payments. Legitimate....