Bitcoin companies from all over the world are making a name for themselves once they get a chance to demo their project at an accelerator or startup competition. Everledger is a Bitcoin startup looking to wield the power of blockchain technology to fight diamond theft. Their business idea did not go by unnoticed, and the company recently won 30,000 EUR in a BBVA competition.
Everledger – Fighting Diamond Theft With The Blockchain
Diamond theft is a major concern in the world, as repercussions extend far beyond the wealthy and the elite. Things have gotten out of hand in recent years, as roughly 65% of fraudulent diamond claims go by undetected, leading to insurance companies bleeding money left, right and center. The lack of transparency is very apparent in this industry, to say the least.
In fact, insurance companies are at a stage where the topic of most conversations revolves around comparing notes regarding diamond fraud rates over the past year. More and more companies are finding themselves to be in this awkward position, as fraudulent diamond claims keep rising year over year.
The major problem regarding these claims is the lack of tools