Everledger is a digital ledger based on blockchain technology used to track the transactions of valuable assets such as diamonds. The company was established in April 2015 and has since then recorded over 1 million diamond transactions. It was developed to disrupt the $45 billion worth of insurance fraud committed annually. Although originally started with the diamond industry in mind, founder Leanne Kemp has larger plans in mind,
“We can apply this technology to solve very big problems: ivory poaching, blood diamonds, all these big ’blood problems’ that are helping cartels, terrorists and criminals”
Everledger works by being a digital ledger that tracks an assets physical characteristics and then ties that information to a satoshi; the smallest quantity of bitcoin available. Every diamond goes through a 40 point scan that acts as the digital thumbprint. That satoshi is added to both private and public blockchains that anybody can view to confirm the validity of the transaction.
These blockchains work by being made up of all of the nodes connected as a peer to peer ledger. Every transaction is recorded and added to block; which is then added to the blockchain. Because of so many nodes making up the blockchain this makes it very difficult for hackers to modify transaction details.
To Learn More: