On stage at IBM Edge, Leanne Kemp, the CEO and Founder of London-based Blockchain startup Everledger, unveiled the company’s newly constructed platform to digitally certify diamonds traced through the Kimberley Process certification process.
Built on the IBM Blockchain high-security business network on IBM Bluemix and delivered via the cloud, Everledger has spent the past year developing a global, digital ledger that tracks and protects the world’s luxury goods. IBM’s cloud-based Blockchain solution helps protect against unauthorized access and tampering to meet the stringent security requirements of the diamond industry by fighting against insider threats, protecting data, and securing entry points and the integrity of network, all through the unique advanced security features underpinned by IBM LinuxONE™.
Starting with the polished diamond industry, Everledger created relationships with the major diamond certification houses around the world to digitally encrypt over 1 million diamonds on the Blockchain. Now the company has extended this technology to tackle the trade of rough diamonds certified through the UN-mandated Kimberley Process.
“We have driven the pace of innovation over the past months to engineer the technology necessary for a solution of this scale to be released to market,” says Leanne Kemp, CEO and Founder of Everledger. “Working with IBM Blockchain as the backbone of our operations we’ve been able to move faster than anticipated to build a platform that can solve immediate problems being faced by the diamond industry, in addition to unlocking the potential to transform the way we protect commodities being traded in marketplaces globally.”
An evolution of Everledger’s current system, the new platform will ensure the security and traceability of rough diamonds certified through the Kimberley Process, a 3-step verification system created in 2003 with 81 authorised countries to curb the sale of conflict stones. Fast forward thirteen years: 99% of the world’s diamonds are now from conflict-free zones, but critical problems remain in the industry including insurance fraud, the financing of global pipelines and the tampering of official certification.
Paper based processes continue to cripple the transparency and authenticity required when it comes to the trade of diamonds. Recently, a fraudulent Kimberley Process certificate was reported in a shipment of synthetic stones from Sierra Leone to Hong Kong, and the number of fraudulent insurance claims continues to grow, with no viable way for insurers to guarantee the authentic product has been lost or stolen. All of these problems impact the availability of diamond supply chain finance as banks and financiers remain hesitant to risk more capital where losses continue to rise.
Building a system fueled by Blockchain’s core characteristics – immutability, security, speed and scalability – was Everledger’s first step towards ensuring the goods we’re trading and consuming are sourced by ethical means and can be traced throughout their lifetime journey.
“As a nascent technology, Blockchain holds a great deal of promise in addressing some of the world’s key challenges,” says Ross A. Mauri, general manager, IBM z Systems and LinuxONE. “Everledger’s dedication to applying Hyperledger Project-based Blockchain technology to combat the trade of conflict diamonds shows their commitment to innovating for real impact. The cloud-based high-security business network is helping make their offering ready for business.”
Everledger is committed to its work within the diamond industry and empowering several projects utilising Kimberley Certificates, with a particular focus on addressing the current supply chain finance concerns faced by critical market regions such as India and Israel.
Everledger continues to extend the company’s core capabilities to ensure transparency at every stage of a diamond’s journey from mine to counter.
- Kraken Acquires Cryptowatch and Launches New Trading Platform - March 1, 2017
- Switzerland’s Crypto Valley Association Founded To Build World’s Leading Blockchain and Cryptographic Ecosystem - March 1, 2017
- Massive Launch by Blockchain Industry for New Enterprise Ethereum Alliance - March 1, 2017
- Monax Joins Hyperledger Project, Brings Ethereum Technology - February 28, 2017
- Chain of Points Adds Internet Pioneer and iPayYou Founder Gene Kavner to Board of Advisors - February 27, 2017
- Chamber of Digital Commerce and Structured Finance Industry Group Partner to bring Blockchain to Securitization - February 27, 2017
- Blockchain Startup Bloq Acquires Blockchain Analytics Pioneer Skry - February 27, 2017
- Edgeless.io Launches its ICO to become the first fully transparent Casino, Offering 0% Edge - February 27, 2017
- Storj Labs Raises $3 Million in Seed Funding - February 26, 2017
- Northern Trust And IBM Pioneer Use Of Blockchain Technology To Help Transform Private Equity Administration - February 26, 2017
- 0x – An Open Protocol for Decentralized Exchange on the Ethereum Blockchain - February 26, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 26, 2017
- Blockchain Startup Peerplays Raises $4m Before ICO Even Kicks Off - February 26, 2017
- Numerai Launches Cryptocurrency and New Hedge Fund Built By Data Scientist Network - February 26, 2017
- Disrupt the VC Industry? Brock Pierce and Blockchain Capital to Launch Own Cryptocurrency and ICO - February 26, 2017
- SoftBank, Sprint and TBCASoft Partner in Blockchain Technology for Telecom Carriers - February 25, 2017
- Lisk Introduces New Blockchain Technology Update - February 25, 2017
- Dash Partners with BlockPay to Enable Point of Sale Purchases at Brick and Mortar Stores - February 25, 2017
- Blockchain Interaction Unit (BIU) – No Internet, No Mobile Phone, No Computer. No Problem. - February 25, 2017
- Blockchain Banking Consortium R3 Gets Into Semantic Tornado Over Blockchain – Bitcoiners Jeer from Sidelines - February 25, 2017
- IOHK and University of Edinburgh Establish Blockchain Technology Laboratory - February 24, 2017
- Liberland to Launch Online Startup Contest to Kick Off Smart Nation - February 23, 2017
- Blockchain Intelligence Group Launches QLUE Version Codename Deep Cove - February 23, 2017
- Lykke Crowdfunding – One -year Lykke Forward Offering - February 22, 2017
- Daimler AG Joins Hyperledger Blockchain Consortium as Premier Member - February 21, 2017
- Voatz and Clear Ballot to Explore Blockchain Technology for Remote Voting - February 20, 2017
- New Blockchain Smart Contract Token Developed By GameCredits - February 20, 2017
- Blockchain Could Be a New Operating System for the Planet Says Jeremy Wilson, Vice Chairman of Barclays Corporate Banking - February 20, 2017
- JAAK and the Guardian Initiative Announce MΞTA: A Blockchain Pilot for The Media & Entertainment Industry - February 18, 2017
- The StabL Project – Hadrien Charlanes Plans Stable Tokens and Derivative Products For Ethereum Blockchain - February 17, 2017
- Blockchain Energy Trading Trials Kickoff with Canada’s BTL Group and Austria’s Wien Energie - February 16, 2017
- Smart Dubai Office (SDO) and 1776 Launch Blockchain Challenge - February 16, 2017
- BOScoin, a New Cryptocurrency, Introduces “Trust Contracts” to Overcome the Shortcomings of Ethereum Smart Contracts - February 16, 2017
- European Commission Working on Blockchain – Plans Actively Seeking Pilot Partners - February 16, 2017
- Canadian Blockchain Company SecureKey Awarded U.S. Department of Homeland Security Grant - February 16, 2017
- Microsoft and KPMG Cut Deal and Kickoff Blockchain Nodes in Frankfurt and Singapore - February 16, 2017
- Global Blockchain Project FERMAT Announces Significant Alpha Release for the “Internet of People” - February 16, 2017
- Russian Blockchain Startup Exscudo Aims to Bridge Traditional Finances And The Cryptocurrency Market - February 15, 2017
- Active Year Ahead for Blockchain Solutions in Financial Services, says Corporate Insight - February 14, 2017
- BlockApps and Red Hat Cut Deal to Deliver Hybrid Cloud Solution for Blockchain Applications in the Enterprise - February 14, 2017
- Hyperledger Blockchain Turns One – Director Brian Behlendorf Updates - February 14, 2017
- The State Bank of India Initiates National Blockchain Bank Consortium - February 14, 2017
- The National Bank of Abu Dhabi (NBAD) Introduces Real-Time Cross-Border Blockchain Payments - February 14, 2017
- China Turning Hard to Blockchain – Focus on Fraud Reduction - February 13, 2017
- U.S. Department of Health and Human Services to Kick Off Blockchain in Heathcare Code-A-Thon - February 13, 2017
- Hexayurt Capital presents the Internet of Agreements at the World Government Summit - February 13, 2017
- EquiChain – Blockchain for Emerging Markets Post-Trade - February 13, 2017
- UK Government Approves Tramonex Labs to Issue Currency on Blockchain - February 12, 2017
- US Congress Buckles Down With Blockchain – Launch Congressional Blockchain Caucus - February 11, 2017
- Nick Szabo: Some Private Blockchains Qualify as Bona Fide Blockchains - February 10, 2017