Jan 18, 2020 in BlockChain
Q: Automation of tasks with zero added value

1 Answer

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Jan 18, 2020
Blockchain technology will also help organisations

to tackle fraud. As an example, Everledger, which

emerged from the start-up accelerator programme

implemented by insurer Allianz France, has

developed a certification system for luxury products

that uses a mix of private blockchain/public

blockchain technology21. Everledger uses a

blockchain to create a global registry for precious

stones. Specifically, Everledger inputs

40 characteristics for every stone recorded (cut,

colour, clarity, etc.). This represents 40 metadata

components which are then used to create a unique

series number. This number will be laser-engraved

on the stone and added to the relevant blockchain22.

Once the database contains sufficient data (over one

million diamonds had already been recorded at

end-2016), if sellers cannot provide encrypted proof

that they own the rights to the precious stone, it will

be very difficult to sell. Any stones that are not

engraved with the serial number or on which the

engraving is difficult to see will lose substantial

value.

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