Everledger, the disruptor of Crazy Diamond’s bloodline tracing

Baozou Comment : Blockchain startup Everledger has always been committed to protecting the source and authenticity of goods. Previously, the company's blockchain-based diamond information ledger used Ascribe's BigchainDB blockchain database as its huge data technology support. Exhibition database service company Vastari provides information tracking during the circulation of goods. This time, the two companies announced a partnership to put the complete ecological chain information of artworks on the blockchain, providing a stable and reliable platform support for art museums and private collectors.

Author: Amber Dingding

Last year, at the Fintech awards ceremony held by the Mobile Ecosystem Forum (MEF), the news that Everledger became the first blockchain startup to win the "Meffy Award" spread quickly throughout the blockchain industry and became the industry headlines. In September, Everledger may attend the Shanghai Blockchain International Week event co-organized by Wanxiang Lab and ChainB. As a "disruptor" who has developed a diamond anti-counterfeiting verification digital ledger based on blockchain technology, Everledger has been recognized by the benchmark MEF in the mobile industry. It can be seen that Everledger's highly disruptive Fintech technology will change some existing methods and accelerate the development of the diamond industry.

What kind of company is Everledger? As a disruptor in the diamond industry, what impact will it have on it? These are all worth paying attention to.

London-based blockchain startup Everledger is known for uploading 980,000 diamond specifications to the Bitcoin blockchain. Everledger has always been committed to protecting the origin and authenticity of goods. Previously, the company's blockchain-based diamond information ledger used Ascribe's BigchainDB blockchain database as its huge data technology support.

In March 2015, Everledger joined the Barclays Accelerator in London for three months.

On December 3, 2015, blockchain startup Everledger joined the Allianz incubator and will be connected to Allianz's investment and advisory network, and will receive strong support from institutions including Bpifrance and Idinvest Partners. In cooperation with Allianz France, a subsidiary of insurance giant Allianz, Everledger will use its rich experience in blockchain technology to help insurance companies reduce risks.

In March 2016, the original inefficient Bitcoin blockchain could no longer meet the needs of enterprises, so Everledger also began to seek cooperation with Ascribe, a more cutting-edge technology company, in order to control fraud in the diamond industry. Ascribe's BigchainDB's high-speed processing power and PB-level capacity make up for the shortcomings of the Bitcoin blockchain and bring new possibilities for industry development. Ascribe announced the release of BigchainDB, a scalable blockchain database that can process 1 million inputs per second. The first authorized user is Everledger, the diamond industry ledger.

BigchainDB is described as a ledger that “can achieve 1 million operations per second in a federated blockchain database with sub-second latency and petabyte-scale capacity.” The platform also “enables developers and enterprises to deploy blockchain applications and platforms at scale, which was previously a limiting factor in production systems using sandbox “proof of concept” mechanisms.” BigchainDB’s approach is to “blockchainize” a distributed, scalable database, similar to the Bitcoin blockchain.

In 2016, the amount of smuggled diamonds reached 1 million, so Everledger's goal this time is to combat fraud in the diamond industry. To this end, Everledger developed a diamond identification ledger, and the diamond identification ledger Everledger is the first customer of BigchainDB.

In May this year, Everledger cooperated with exhibition database service company Vastari to plan to put the complete ecological chain information of artworks on the blockchain to provide a stable and reliable platform support for art museums and private collectors. Exhibition database service company Vastari mainly provides information tracking during the circulation of goods.

For the future luxury goods industry, Everledger will have an important impact on protecting the source and authenticity of goods, creating permanent records to protect the authenticity of goods, and cooperating with suppliers to ensure that the road is guaranteed. The permissioned ledger allows us to better serve the industry. The access rights in the system it creates are strictly controlled, and the reading and modification of the blockchain status are strictly limited to a few users, while maintaining various authenticity guarantees and the decentralization of the blockchain. However, the ambiguity of artworks increases the difficulty of tracking and fraud prevention, while the clear cutting characteristics of diamonds have made Everledger very successful in maintaining diamond information. These successful cases indicate that more combinations will be applied in the blockchain field in the future.