Blockchain is poised to be one of the fastest growing digital technologies. However, many are hesitant to embrace it. Everledger touched on their incorporation of blockchain technology at the latest Money 20/20 conference.
Everledger is a leader in the real-world application of blockchain technology, which they use to reduce fraud in markets where provenance matters. They began to specialize specifically in the diamond market, but also work with art and luxury goods. A global enterprise, they focus on emerging technology—outside of blockchain technology, this includes smart contracts, IoT, and other technologies that enable their creation of solutions for clients in order to encrypt provenance of high value assets onto the blockchain.
“We started with diamonds, by encrypting the provenance of diamonds from the mine to the market on the blockchain,” says Candice Teo, head of communications for Everledger. They ensure the transparency of the diamond supply chain, so that stakeholders along the supply chain are aware that they are derived from a reputable source.
We look at who cuts them, who polishes them, and follow their progression into the market to ensure that the supply chain is ethical.”
Additionally, the goal of Everledger is to enable insurance companies and financial institutions to ensure that the information they have on file for high-value items is verified. This mitigates some of the potential risks. However, there are many challenges presented with blockchain technology. Blockchain is a relatively new technology, and many industries are interested in its use, however, are hesitant in applying it. Many insurance and bank companies exploit its use, therefore the adoption of blockchain technology does take more time in progressing than other forms of technology. However, Everledger emphasized that even with this challenge, there are many clients that still believe in their global enterprise.
Everledger is enthusiastic about getting the word out about what they do at Money 20/20. It is all about verifying provenance and the history of high-value assets on the supply chains.
“It is quite a particular industry to write in, and our solution is rather particular as well,” Teo says.
Currently, Everledger is looking at expanding into every market where provenance can be met. While they are currently working with diamonds, art, and other luxury goods, they also recently expanded into fine wines.