Note from the Publisher: We’ve written quite a few articles on IBM’s involvement with blockchain technology, and today we have yet another to share – this time centering around the diamond trade. As we’ve previously reported, blockchain has seemingly endless applications, including post-trade processing on commodities trades. Startup Everledger is working with IBM to digitally certify industrial diamonds, which could lead to major fraud mitigation, amongst numerous other benefits.
“Blockchain startup Everledger has unveiled technology to digitally certify Kimberley Process export diamonds today at IBM Edge.
On stage at IBM Edge, Leanne Kemp, the CEO and Founder of London-based blockchain startup Everledger, unveiled the company’s newly constructed platform to digitally certify diamonds traced through the Kimberley Process certification process. Built on IBM’s high-security network for blockchain, (IBM Bluemix and delivered via the cloud) which is underpinned by IBM LinuxONE™, Everledger has spent the past year developing a global, digital certification system that tracks and protects the world’s luxury goods. Starting with the $47Billion polished diamond industry, Everledger created relationships with the major diamond certification houses to digitally encrypt over 980,000 diamonds on the blockchain. Now the company has extended this technology to tackle the trade of rough diamonds certified through the UN-mandated Kimberley Process.