Tencent-backed Everledger collapses amid lack of funding: Report

The Australian blockchain company Everledger has reportedly entered insolvency proceedings after failing to raise new funding from an undisclosed investor.

Everledger, which uses blockchain to track the provenance of diamonds and other goods, failed to make its latest funding round happen, the AFR

Founded in 2015, Everledger is one of the world’s major companies pioneering blockchain-based platforms for tracking supply chains. Some companies, including the Danish logistics firm Maersk and the United States technology company IBM, have terminated their blockchain supply chain tracking products, citing a lack of “global industry collaboration.”

Despite major industry closures, the concept of blockchain-based supply chain platforms is still thriving in some parts of the world. Hong Kong-based Global Shipping Business Network continues building blockchain-based supply chain products and is bullish on blockchain as a crucial logistics tool in the long term.

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