Blockchain technology can be applied to a range of industries, from time stamping to registering land ownership The insurance industry has been taking note of the technology, with the insurance giant Lloyds recently providing a risk report on the currency behind the technology, bitcoin. Now bleeding edge technology companies are applying the immutable ledger to insuring physical assets.
Leading this charge is EverLedger.io, a startup looking to use a hybrid blockchain to eliminate diamond fraud, who hopes to eventually use the technology behind the digital currency, bitcoin, to solve problems in all industries affected by insurance fraud.
The startup, which was barely more than an idea three months ago, has done quite well for itself so far. It secured an investment from the international British bank, Barclays, after graduating from the bank’s accelerator earlier this month. EverLedger.io is also reportly one of the 7 accerlartor alumni exploring a partnerhip with the global bank, including Safello.
EverLedger has chosen diamonds as the company’s first target, not only because of how large the industry it is, but also how unique each stone is. The startup uses the blockchain technology stack developed by Eris Industries, on top of the Bitcoin blockchain, and has already began to “embed” diamonds into the Bitcoin blockchain. EverLedger is getting the diamonds to embed from major certification houses around the world, and four London-based insurance companies.
Most diamonds are currently certified through paper or analog methods, which could be easily tampered with. The problem of fraud is a multi-billion dollar one, with losses in London alone counted in the Billions. London is a major diamond dealing centre, and also the city the startup is based in.
“If you have a 5 carat diamond, not only do we capture the serial number that’s inscribed on
Originally appeared at: http://bravenewcoin.com/news/blockchain-tackling-insurance-woes/
Blockchain Tackling Insurance Woes is a story from: BitcoinWarrior.net