Blockchain technology continues to draw the attention of investors. A Chinese subsidiary of the insurance provider ZhongAn Insurance tracks data of 760,000 diamonds using a blockchain-powered system.
Founded in 2016, ZhongAn Technology is an “independently-developed blockchain platform” registered under the supervision of parent firm ZhongAn Insurance. The company announced on August 7 the release of its “gem-tracking” blockchain app. The goal of the project is to provide a superior level of traceability in the luxury jewelry industry.
Diamsledger supports the tracking process
The jewelry tracking process takes place with the help of Diamsledger portal, a startup founded in collaboration with digital diamond trading business Ediams.
The application is based on the ZhongAn’s blockchain protocol and is planted on Anlink cloud network. This is dedicated to the operations of specific investors such as “diamond dealers, processing firms, customs, logistics companies and exchange centers.”
As mentioned above, the purpose of this project is to provide transparency through decentralization tools, thus tracking all data regarding diamonds, from manufacturer to customer. Furthermore, the process is working in the same time with industry certifications like GIA, NGTC, and HRD, reported ZhongAn – which means that customers have access to information about a particular product only by entering the certificate number on the Diamsledger web portal.
Diamsledger CEO Zhang Yongwen claimed that presently “information of 760,000 diamonds has been uploaded to Anlink as of mid-July“. He also pointed out that the system actually offers a “double assurance” and records physical details of the luxury products like color and place of origin.
ZhongAn is not at the first attempt to integrate blockchain technology into a tracking system. The news came after the company announced its initiative to digitize the food supply chain data. In addition, it has filed a patent for a blockchain service aimed at protecting media against piracy.