According to its developers, Everledger is a global digital ledger that has the ability to track and protect assets throughout their lives. The ledger is able to gather data on an asset such as its defining characteristics, ownership, and history. With this data, they create a permanent and immutable record using blockchain technology. With this permanent and unique record, various stakeholders along the supply chain can verify its authenticity. The entire platform is designed with governance and transparency in mind.
The Everledger Digital Asset Ledger Vault Technology
At Everledger, the developers have created both public and private blockchains. This will assist them to achieve a hybrid technical model that meets various needs. Thus, users get the best of both world; they will get the high security of the public blockchain combined with the permission control of the private blockchain.
Use Case For Everledger; Conflict Diamonds
It is usually quite difficult to trace the origin of diamonds. For one, they all look quite similar, and they do not have engravings on them. Besides that, sometimes the untrained eye is unable to tell the difference between synthetic and mined diamonds. In other cases, diamonds originating from conflict zones come with forged papers, thus erasing their dark past.
According to Leanne Kemp, the founder of Everledger, “Blockchain is immutable; it cannot be changed, so records are permanently stored,” says Kemp. “Information on the blockchain is cryptographically proven by a federated consensus, instead of being written by just one person.”
The platform has over 40 features that include the color and clarity, which are used to give the diamond an ID. This information is stored on a blockchain. It can then be used to chronologies the ownership of the jewel starting from the mine to the ring or other ornaments. Thus far, the platform has been used to create over a million unique diamond records. It has even partnered with big financial industry players such as Barclays.
The company, which comprises of a small team of 20 people, has evolved from just creating records for polished diamonds to rough ones. That way, the ledger can be used to monitor the progress of conflict diamonds, especially those mined from war zones. These diamonds often sneak into the market in their uncut form.
The company has plans to expand their operations to create anti-counterfeit records for other precious assets besides diamonds. On top of this list are fine wines, which are the target of counterfeiters, the world over. Through collaboration with Maureen Downer, an oenologist, they want to create an immutable digital record for wines based on data found on the cork, label, and bottle. With these elements, buyers can be able to identify a bottle and help build its reputation.
Kemp, who was born in Australia, has hope that in future, the Everledger could be integrated with other tools such as computer vision algorithms. She says that although they have only been able to verify a million diamonds, there is still more to be done. As they continue in their work, they will be able to bring more tools to the platform.