Mastering Blockchain - Second Edition

Application-specific blockchains (ASBCs)

Currently, an inclination toward ASBCs is noticed, whereby a blockchain or distributed ledger is specially developed for only one application in mind and is focused on a specific industry, for example, Everledger, (https://www.everledger.io) which is a blockchain that has been developed to be used for providing an immutable tracing history and audit trail for diamonds and other high-value items. This approach thwarts any fraud attempts because everything related to ownership, authenticity, and value of the items is verified and recorded on the blockchain. This result is precious for insurance and law enforcement agencies.