[TechSparks2020] If there was a time for change, it's this decade. If there was a time for action, it's now, says Blockchain expert Leanne Kemp

Leanne Kemp, Founder and CEO of blockchain technology startup Everledger said that entrepreneurship has managed to enable the science and the art of disruption in a way that helps the co-evolution of industry and the world.

However, she said that there was no mature venture capital industry nor entrepreneurship programmes in schools and universities in the early 90s in Australia. In 2014, she moved to London to start Everledger.

She was speaking at the 11th edition of YourStory’s TechSparks, India’s largest tech entrepreneurship summit. 

Appointed as Chief Entrepreneur in Queensland, Brisbane, one question that is often directed at her is whether entrepreneurs are born or made. 

Leanne believes she is a born entrepreneur. Growing up in Brisbane, she was always full of questions; a curious mind made her a voracious reader, and a pledge to learning set her on the journey of entrepreneurship.

“Entrepreneurs were often seen as the crazy ones, the ones that were unemployable. And to be honest, I'm glad I am unemployable because instead of always asking for an invitation to a seat at the table, I simply built my own table," she said. 

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The Everledger story

Based in London, Leanne said founding Everledger in 2015 brought together “the collective nature of all of my experiences.” 

This included over two decades of work experience of being on the advisory board of IBM on blockchain, being on board of Stewards for Accelerating Sustainable Production at the World Economic Forum as well as Australian Federal Government’s Nation Brand Advisory Council, among others. 

The startup leverages track and trace technology to record each transaction in the journey of a product like an artwork, diamond or a bottle of wine with transparent transactions. 

This eliminates reliance on intermediaries in the supply chain like government officials, lawyers, accountants, dealers, and banks. 

The detailed process also reduces chances of smuggling and fraud that can hamper governments from collecting fair export taxes and consumers and retailers from the prospect of purchasing counterfeit or unethically mined stones. 

“In the case of diamonds, a blockchain ledger keeps a record of high-resolution photos of each diamond at every touch point along its journey, adding real-time records of every payment transaction and product details like cut, clarity, colour carat, and diamond serial numbers. At the end of the buying cycle, there is a complete auditable and indisputable record of information,” a video presentation said. 

The entrepreneur further added that blockchain will do for businesses what the internet did for the communication industry.  

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Enabling consumer consciousness

Beyond the origin of the products, people also wonder what effect it will have on the people and the planet.

Leanne added that the larger landscape of technology – be it the rise of social media platforms or online marketplaces – lacks a platform of provenance. 

Everledger aims to do this, and has raised several strategic funds from the likes of Tencent and Fidelity. These investors invested $20 million as part of the startup’s Series A round in September 2019. 

The London-based startup also works with fashion houses to enable the increasing consumer consciousness around the globe.

Circular economy: The decade of change

Leanne also emphasised the importance of reusing, repurposing, and recycling resources in a more sustainable and a value-driven way.

She said, “When we think about connecting an object, its identity, and its value system into a digital set of trade routes, then entirely new applications are born. We bring together transparent mechanisms to connect physical objects to digital rails, not only around the supply chain but also by underpinning the sustainable development goals.” 

The ability of blockchain technology to combat counterfeit goods will be particularly helpful in keeping a check on humanitarian and health concerns in food and cosmetics industries. 

Speaking on recycling, she stated the example of Dell Computing being the largest suppliers to the jewellery industry. 

In 2017, Everledger began focusing on deconstruction of e-waste, to help the electronics and automobile industries to evolve from a “take-make-dispose” system to a circular economy.

“It is one of the largest, if not a larger problem than the plastic in our oceans, but many people aren't discussing this except in the last month when we had the new version of the iPhone released where Apple has finally embedded within its entire supply chain, the circular economy,” she said.

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Leanne added that blockchain is the next generation of protocols of the web, moving from what was once known as the worldwide web to the worldwide ledger. 

With a more conscious approach, she said it is not merely about the return to shareholders anymore but a stakeholder view – with the planet as a stakeholder in addition to shareholders, employees, and suppliers.

Moving forward, she said, “Let's imagine a financial system that doesn't just look at what cost our goods  sold, but where every company in its consciousness begins to think about the cost of goods recovered.” 

Leanne reiterated, “If there was a time for change, it's this decade, and if there is a time for action, I would say it's now,” adding that entrepreneurs with their innovative skills can play a huge role in this. 

TechSparks - YourStory's annual flagship event - has been India's largest and most important technology, innovation, and entrepreneurship summit for over a decade, bringing together entrepreneurs, policymakers, technologists, investors, mentors, and business leaders for stories, conversations, collaborations, and connections that matter. As TechSparks 2020 goes all virtual and global in its 11th edition, we want to thank you for the tremendous support we've received from all of you throughout our journey and give a huge shoutout to our sponsors of TechSparks 2020.