More

    Everledger: Secure Transparent Digital Asset Ledger Vault?

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,350FansLike
    2,770FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.