It’s starting with diamonds, with a view to expanding into all sorts of luxury goods, which is basically high value items whose provenance might otherwise be reliant on paper certificates and receipts that can easily be lost or tampered with. The blockchain is a distributed public ledger for tracking provenance in a way that’s more robust and accessible than a paper trail.
Of course individual diamonds can’t be immutably connected to that immutable digital ledger — given there is always the possibility for stones to be cut or reshaped, and for serialized IDs to be ground off. But Everledger digitizes a host of data point about each stone to create a multi-layered digital fingerprint.
It now has some 280,000 diamonds digitized and embedded into the blockchain (it’s working its way through 850,000 diamonds submitted so far for adding to its ledger), and has all the major certificate houses signed up, plus four of the major London-based insurance companies.