Everledger Brings Blockchain Tech to Fight Against Diamond Theft
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....
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SAP Ariba, the US software and IT firm owned by tech giant SAP, has integrated its services with blockchain startup Everledger. Announced today, the move will see SAP Ariba deploy the tech for use in supply chain applications, one of the services the company provides. According to SAP Ariba, more than 2.5m companies utilize its offerings. Everledger, based in London, uses blockchain to track the provenance of diamonds and other assets. SAP Ariba said that it is also joining the Linux Foundation-backed Hyperledger blockchain community. Joe Fox, SAP Ariba's senior vice president for business....
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....