ZhongAn Technology, a subsidiary of China’s first online insurer claims to have founded a blockchain technology that has successful traced nearly 760,000 diamonds.
ZhongAn Technology, a corporation listed in the Hong Kong exchange, reported the initiation of its gem-tracking blockchain platform recently. It reportedly claims the project’s purpose was to bring a greater level of traceability in the luxury market.
The new application is currently being promoted through Diamsledger. This venture is a newly created subsidiary of by ZhongAn, also associated with online diamond trading firm Ediams.
Developed with ZhongAn’s blockchain network and raised on its cloud platform, the application is projected across selected entities across the diamond supply chain. This includes dealers, logistic companies, processing firms, customs and exchange centers.
The end goal, the firm states, is to institute a transparent ledger system built on a decentralized network that traces every bit of information about a diamond across the line from the production line to the customer.
The platform operates with traditional industry certificates such as GIA, HRD and NGTC, as reported by Coin Desk. This means that purchasers can enter a diamond’s code number to access all its information via they need through the digital ledger platform.
Zhang Yongwen, CEO of Diamsledger believes that data surrounding 760,000 diamonds is right now loaded onto their cloud service. Zhang commented that the application hands out a double assurance bonded with traditional certificates, meant to encode diamonds’ physical information ranging from original source and color.
This new platform comes close in the heels of other initiatives from ZhongAn, including a blockchain-based food supply chain application. The firm also developed a blockchain-based venture meant to combat piracy in the media.
About Zhong An:
Zhong An, the first company in China with an Internet-based insurance service, has supplied over 630 million insurance policies and tended to nearly 150 million clients. The company has reshaped conventional insurance fields by applying the internet across the chains.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]