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Everledger Plans Blockchain Database to Combat Art Fraud

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#Everledger , the London-based startup known for uploading specifications on 980,000 diamonds onto the #bitcoin #blockchain , has announced a partnership with Vastari, a #fineart and #exhibition database.

“Everledger and Vastari are a natural fit as we’re both in the business of protecting provenance," said Leanne Kemp, co-founder and CEO of Everledger. "For us it’s about creating a permanent record to protect authenticity of an item, for Vastari it’s guaranteeing an item's provenance while it’s mobile.”......

......Everledger’s platform created a straightforward solution to the #diamond world, whereby each diamond was recorded on the #blockchain . Once that information was stored, it couldn’t be tampered with, making it harder to offer counterfeit diamonds. Further, with over £100 million in insurance paid out for jewelry theft every year, there is an obvious use case for a shared tracking mechanism.....

While Everledger had success with diamonds because of the gems' clear cut characteristics, fine art is a different beast......

Full Article@coindesk>>


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