Name: Brainstorm Finance 2019: Everledger's Blockchain Diamonds
Uploaded: 2019-12-26
Duration: 9 min 28 s
Description: Everledger is transforming the process of selling diamonds with blockchain by making it faster and more secure. Leanne Kemp, Founder and CEO, explains.

Brainstorm Finance 2019: Everledger's Blockchain Diamonds

Finance

Everledger is transforming the process of selling diamonds with blockchain by making it faster and more secure. Leanne Kemp, Founder and CEO, explains.

1999. Pretty important year for the world. It was a year when Tim Berners Lee created H T T P. The protocol that gave birth to the World Wide Web and then in 2007 was another incredible time in the year in the world when, of course, we have the global financial crisis. There wasn't a person on the planet in the company and even a government that wasn't concerned when it came to the dissipation truck. And it was at that time, of course, the white paper appeared from Satoshi Nakamoto humor her a collective mind that created the big point protocol. That, of course, today has enabled incredible set of not any evolution, but one could call it a Revolution 2015 An incredible year for the World ever lead to began in the heart of London in April. I'm a software engineer. I've come from Australia. I spent the better part of my existence behind a keyboard. I know and understand technology incredibly well, and I've been involved in the diamond jewelry industry since 2007. I've had my fair share of being involved in innovation waves across the better part of the last 20 years of my career and when I saw an industry that I love so dearly 500 years in the making, the diamond industry having a desire and a need in desperation to transform truck the relationship they hold not only with the compatriots of the supply chain but with consumers. And it was at this point that I realized it was a time upon which we could combine the very best of emerging technologies to build a platform of Providence, a platform that had never been built before. Of course, we have seen procurement systems. Large enterprises like ASAP and Sales Force give two incredible enterprise applications. But no one really asked the question. Where did it come from? So we did, and we did something about it. So in 2015 we had a vision for every legend, and this is what it looks like with by the video. We created relationships with the major certificate houses around the globe, in America, India, Israel and Antwerp, where they grade and certify the diamonds. Now, not only do we capture the fourth seed, but 40 meta data points of that diamond, a digital twin to enable that to be No. One and saying and written into the bloc Chang. We now know where diamonds are being sold not only on online retail network like the Amazon and eBay, but we work with insurance companies to reduce fraudulent claims with banks so they could finance the diamond part line more efficiently. And we transcended all of our knowledge out into the consumer and retail network. In 2015 we had an ambitious plan to be ableto at least identify the diamonds at a scientific level and enable that to be made as part of a consumer consciousness decision at the retail outlets across the world. This was our vision in 2015 and as we stand today, ever Ledger has over two million diamonds on the platform. We've moved into colored gemstones, emeralds, Rubies and sapphires into fine art, and I'll talk a little bit more about where we're going after today. That's something about the reasoning behind why ever ledger has enabled a production platform in use now for over three years. Yet in 2015 it was a whisper on many people's lips. Sometimes it was hidden in a Starbucks Cafe. What's the true potential of this technology? The diamond industry? 500 years in the making, rough diamonds are extracted out of the ground event $15 billion annually, and it transcends across the world in a sewer rat. In one location in India, about 90% of the world's diamonds a cut and polished. And that's about 47 billion. And by the time it hits the retail network, not set in a diamond ring $73 billion. It's a rock. It's cotton polish. And yet, in the mid tier of the market, the diamond cutters and polishes survive on single digit 1% margins. At the time that every legend was created, we understood the challenges within industry. I'm an alumni with the G I. I'm not a gemologist, but I understand diamonds are more than just a full season color and clarity. They're already scientific methods that existed within the industry to capture the identity of the diamond as it was transforming across the pipeline, whether it be at the extraction point in mind, whether it be in the diamond manufacturers in India, where a C T, like the ultrasound of the baby, was effectively No. One by the manufacturers and retail network. We then are able to take the entirety of this information and produce it for a consumer to see not only where the diamond has come from but the hands that its path across the world. I've described to the future of Blockchain in so many different ways and one thing I'm very clear about is Blockchain alone will not solve the physical supply chain traceability. It must come together in a consortium of technologies a symphony of technology to enable the digital identity of a physical object have scientific certainty. And that is the work that we've done it every legend it can take into the forms of either machine vision, of course, which is largely starting to capture identity of people. But that could also be transformed into the identity of objects. Resident ultrasound. The sound waves of objects are also individualized in a thumbprint we're fortunate in. The diamonds are unique by their very nature there snowflake. So to capture that identity across scientific method enable that in a registry across the world so that certification, finance and insurance is able to be taken out at a trustful layer something that had not existed before today. Now there are 91 countries in the world that came together in the year 2000 after the United Nations said blood diamonds is no longer has a place in this world and it was because of the consortium that was already in existence, the partnerships across public and private endeavors that enabled an industry to come together to solve not only blood diamonds but now today adopt transaction and technologies like Blockchain. If we see what's happening in the industry, dubious has adopted it. Of course, we have the CEO of Tiffany's making very proud statements about diamond traceability being an incumbent responsibility of his tenure, Louis Vuitton on traceability not only within the diamond jewelry supply chain but out in the luxury goods. So it's pretty clear whatever ledger has achieved. We have two and 1/2 1,000,000 diamonds on the chain traceability, and some of the gemstone nations like Tanzania are well underway where we've supported in safe contractual spaces for 50 Tanzania and women to be, I would have finally trade colored gemstones in a safe contractual environment. I was probably appointed by the Queensland government last year the premiere of Queensland as the chief entrepreneur for the state under the minister for innovation. There's no secrets about the geological stability that Australia has. We, of course, dig the earth, and we provide that across the world, whether that be in coal based economies or whether that be in gold, cobalt and even lithium. And part of the work in my tenure has been to not only understand the mapping of natural resources, but to be very loud about what we need to be thinking about in terms of conscious consumerism, not just about where it's come from, but where will it go to next? There is mobile phone sitting in, probably in every person's hand in pocket. Some of you are looking at it right now, but what's inside that phone that counts? Lip Ian and Cobalt. We're talking about the battery supply chain. There is not going to be 1/2. There's not gonna be a building, a car or even a device that doesn't rely upon the battery supply chain Yet when we understand where the essence of the supply chains and rich from is the Congo DRC. For COBOL, what is happening with the tricks ability not only in its primary life but in secondary loss. How can we champion and redesign the way we produce products? But more importantly, how can we redesign waste in a way that becomes valuable del computing partners with the jewelry industry in the first of the world pilot to enable the stripping off rare earth metals and minerals to enable that to be reused into the jewelry industry? If there's something that will stand for is ever ledger, it is not only being able to answer the question, where did it come from? And every legend knows, but will also say no, that the humanitarian impact on the things that we are consuming is at a point where we need to stop the question. And so this platform has the answers. Thank you.