A Chinese company and subsidiary online insurance platform ZhongAn, claims that it has placed data associated with 760,000 diamonds on a blockchain. The platform announced the launch of the application on Tuesday and added that the purpose of the project is to improve traceability of luxury products.
The platform is built upon ZhongAn’s proprietary blockchain network and it is hosted on its Anlink cloud platform. Further, the platform can be used along the entire diamond supply chain by dealers, processing firms, customs, logistic companies, and exchange centers. The project may be able to provide more transparency in the form of a ledger on a decentralized network. Every bit of information relating to a diamond can be accessed.
The platform is also compatible with traditional industry certificates, such as GIA, NGTC, and HRD. Those using the technology can simply search for a diamond certificate and view all related information by way of Diamsledger.
Zhang Yongwen, Diamsledger’s CEO, stated that at this point,
“information of 760,000 diamonds has been uploaded to Anlink as of mid-July.”
He added that the application also offers users double assurance and traditional certificates that provide insight into a diamond’s color and place of origin.
This is not ZhongAn’s first project. The platform also launched a blockchain-based application to track and record food supply. The platform also filed a patent for a blockchain company to prevent piracy in the media.