Leanne Kemp on how the diamond industry is using blockchain technology
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The Founder & CEO of Everledger gave a talk at the Blockchain conference: How insurers are building up trust by breaking down barriers at the Swiss Re Centre for Global Dialogue
Read a text version of the interview here:
"The diamond industry is embracing the technology to solve some of the real problems that it faces in today's market; trust, transparency and integrity. We want to bring information into a ledger globally so that it can be seen by the consumer to give them a full consciousness of mind around the purchase that they're making with the diamond. We also share that information with financial services; banks, insurance companies and open market places.
How can the insurance industry use Blockchain and benefit from it? Firstly, at the core of insurance is trust. The ability to bring all parties together and form a network of reputation globally is one thing that's clearly missing. In the luxury goods section it is the ability to be able to show the identity of the object; art, wine, diamond, watches. These are all super important when it comes to insuring something that's precious to every single one of us.
One of the challenges to overcome, to achieve the potential of Blockchain, is understanding time and the importance of time when it comes to such a nascent technology like Blockchain. It's a baby that's just being born. Yet, of course, it's from the parentage of something we know. That has true transformative rights. Let's give it time. Educate the market. Allow time to really bring the new technology into its maturity."