Everledger To Use Blockchain Technology For Insurance Purposes Essay Example
London-based startup, Everledger, offers a secure ledger for diamond ownership and transaction history verification to insurance companies. The company has developed a plan to guarantee the authenticity of insured items.
According to a 2012 study by the Association of British Insurers, approximately 65% of fraudulent claims remain undetected, resulting in a cost of ?2 billion per year to insurance companies.
Leanne Kemp, CEO of Everledger, noted that at yearly conferences, insurance companies often discuss the increase in diamond fraud and the subsequent rise in payouts. However, there has been no reliable method to determine if a diamond has been stolen. Like other high-end items, proof of ownership is traditionally documented on paper, which is susceptible to tampering and loss.
The blockchain is a distributed public ledger designed to track provenance. Its accessibility and efficiency surpass traditional paper trails.
Although the indivi
...dual diamonds can be cut or reshaped and have serialized IDs ground off, they cannot be continuously connected to an immutable digital ledger.
Everledger creates a multi-layered digital fingerprint by digitizing various data points about each stone.
According to Kemp, cutting diamonds is a pointless activity that diminishes their worth. He believes that the blockchain technology is particularly suitable in scenarios where there is an unalterable identification on a device, which is securely recorded in an unchangeable ledger.
Within the realm of IoT (Internet of Things), Intel and other major players are offering immutable IDs. This development is expected to have a significant impact on insurance in the near future," Leanne Kemp, an Australian professional with experience in insurance, jewelry, and emerging technologies like RFID, commented.
Kemp emphasizes that Everledger is not a product for consumers, but instead a service for businesses tha
charges for access to its data. The company's Eris-run platform stores all the information.
According to her, placing that information on the public blockchain at this time would be considered a suicide attempt because of numerous legal considerations surrounding data privacy.
Barclays, along with Everledger, is one of many startups studying potential applications for bitcoin technology.
Barclays has approved a proof-of-concept in June 2015 to initiate experiments with bitcoin technology.
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