Smart Industry 1/2017

Unbanking is the future in Norway
■ Taqanu
Taqanu is a Norwegian blockchain startup that is
building an alternative banking financial institution,
particularly targeted at the needs of refugees,
stateless people, and others who are normally not
well served by the banking industry. In general,
banking institutions are cautious in a way that is not
only traditional for stewards of money but also
enshrined in regulation.
For example the European Central Bank demands a
know-your-customer (KYC) policy. The KYC stricture,
introduced in the US Patriot Act following the 9/11
terrorist attacks, is aimed at providing more tools
for monitoring individuals as well as potentially
throttling sources of illicit terrorist funding, such as
money laundering. It includes identity verification
requirements for confirming a person’s official identity
documents, namely a government-issued photo ID.
Actuated by the surge of refugees to Europe, Taqanu
aims to be a simple financial solution providing
banking services that anyone, anywhere can access
regardless of residency or available documentation.
Its key insight is to use a person’s ‘digital footprint’ and
their phone to identify and authenticate them quickly
and accurately and to bring these new customers
into the banking system. This ‘self-sovereign’ digital
identity gives the ownership of data to Taqanu’s
customers through the use of blockchain technology
and encryption.
Tracing diamonds becomes crystal clear
■ Everledger
London-based blockchain startup Everledger has
ambitions to ensure the provenance of all kinds of
high-value items, starting with the digital certification
of diamonds. Built on the IBM Blockchain high-security
business network and delivered via the cloud, a global
digital ledger has been developed for the polisheddiamond
industry. The company created relationships
with major diamond certification houses around the
world to digitally encrypt over a million diamonds on
the blockchain. Now, the company has extended this
technology to tackle the trade of rough diamonds
certified through a United Nations mandated process.
“What I really respect about Everledger is that they
started with a problem existing technology couldn’t
solve and looked closely at the requirements,” says
Forrester Research analyst Martha Bennett. “Kemp [the
founder] was a trusted party in the diamond industry
already, so it was easier to get started.”
Bennett noted that it’s not blockchain alone but
the fact that Everledger gathers enough data
(spectroscopy, for example) to craft a unique profile of
every diamond it tracks. Blockchain simply preserves
and shares that information.
Everledger is now applying its blockchain system to
the fine wine industry, using 90 different data points to
create a profile of each bottle of wine.
Jump-starting the Energy Business
■ Co-Tricity
The Co-Tricity initiative is an effort to boost efficiency
in production and consumption in the local solar
energy market. Founded in 2015, Co-Tricity is backed
by Innogy Innovation Hub, Germany's largest utility
company by market capitalization, and is based on
ConsenSys blockchain technology.
Its first pilot project began in 2016 in the state of
North Rhine-Westphalia. It involves six solar array
owners providing electricity they don't use to a local
school in Essen. The organization is continually
developing the platform. Co-Tricity functions in a
matchmaker role among market participants and
aims to simplify the transaction process.
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