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A subsidiary of the first web insurer in China, ZhongAn Insurance, claims to have put the data of 760,000 diamonds on a blockchain.
ZhongAn Technology, which is publicly listed in Hong Kong, announced the launch of its gem – Tuesday, following the application of blockchain, the project was created to achieve a higher level of traceability in the luxury sector .
The product is marketed through Diamsledger, a new subsidiary jointly created by ZhongAn and the Ediams online diamond trading company. [19659002] Built on the blockchain network owned by ZhongAn and hosted on its Anlink cloud platform, the application is distributed among selected parties along the diamond supply chain, including diamond dealers, processors, customs, companies logistics and exchange centers.
The goal of the company, according to the company's announcement, is to provide a transparent ledger on a decentralized network that tracks all information about a diamond, from production to the customer.
The system also works in parallel with traditional industry certificates like GIA, NGTC and HRD, says ZhongAn, which means buyers can type in a diamond's certificate number to view all of its information via a portal on Diamsledger.
Zhang Yongwen, CEO of Diamsledger, said that "information of 760,000 diamonds has been uploaded to Anlink since mid-July." Zhang went on to say that the application provides double insurance along with traditional certificates, which they mainly record physical information such as color and place of origin.
The launch follows ZhongAn's earlier initiatives, including a blockchain-based application to track and record the food supply chain, as well as a patent application for a blockchain solution designed to protect media from piracy.
Diamond image via Shutterstock
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