Details of 760,000 diamonds are been placed on blockchain as stated by a subsidiary of the foremost web-only insurer of China, ZhongAn Insurance.
ZhongAn Technology—that is publicly registered in Hong Kong—declared the rollout of its gem-tracking blockchain app, stating that the development was made to attain a higher level of traceability within the luxury industry.
The solution is being marketed via Diamsledger, a novel subsidiary collectively made by ZhongAn and Ediams, the online diamond trading company.
Developed on top of the proprietary blockchain network of ZhongAn and swarmed on its Anlink cloud platform, the app is set up across chosen parties together with the diamond supply chain, comprising diamond dealers, customs, processing firms, exchange centers, and logistics companies.
The objective, as per the announcement of the firm, is to offer a transparent record on a decentralized network that trails every bit of data regarding a diamond, from making to the purchaser. The system also functions in parallel with established industry certificates such as NGTC, HRD, and GIA, ZhongAn states, implying customers can type in a certificate number of a diamond to see all its details through a record on Diamsledger.
Diamsledger’s CEO, Zhang Yongwen, stated that at present “data of 760,000 diamonds have been placed in the Anlink as of mid-July.” Further, Zhang went on to mention that the app offers a double assurance along with traditional certificates that primarily record the physical information of diamonds such as place of origin and color.
The rollout comes after the earlier programs from ZhongAn comprising a blockchain-based app to keep an eye on and log the food supply chain, in addition to a patent filing for the blockchain solution developed to shelter media from piracy.
On the other hand, Chinese blockchain researchers from the Fudan University have also developed a blockchain-based system that will assist to optimize the power grid of China.