Everledger

Everledger is a digital registry for diamonds powered by blockchain. It's an example of supply chain management on blockchain. Blockchain was used because, in blockchain, records are immutable. Everledger uses more than 40 features, including color and clarity, to create a diamond's ID. When this information is placed on blockchain, this information becomes a certificate chronicling the jewel's ownership, from mine to ring. Everledger has digitized more than a million diamonds and partnered with firms including Barclays. Participants in the blockchain network, such as merchants, banks, and insurers, can verify if a diamond is legitimate. Everledger is built on the Hyperledger Fabric platform. In the future, they are also planning to add other precious goods to their blockchain.

Let's take an example scenerio and see how blockchain helps in this use case. Alice purchases a diamond, insures it, and registers it on the Everledger blockchain. Next, she loses the diamond and reports it as stolen. The insurance company then compensates her for the loss. Finally, Bob the thief attempts to sell the stolen diamond to Eve the jeweller. She requests verification from Everledger and finds out that it's a stolen diamond. The insurance company is notified about the stolen diamond and they take possession of it.