Company says it already follows 760,000 diamonds through Blockchain

A subsidiary of China's first fully online insurer, ZhongAn Insurance, which is listed on Hong Kong, says it placed 760,000 diamonds in Blockchain. The information of this diamonds was sent to Anlink.

ZhongAn Technology, which is listed on the Hong Kong stock exchange, announced at the launch of its tracking application in Blockchain that the project was designed to achieve a higher level of traceability in the luxury industry.

The product is being marketed through Diamsledger, a new subsidiary jointly established by ZhongAn and the online diamond trading company Ediams.

Built on ZhongAn's proprietary Blockchain network and hosted on its Anlink cloud platform, the application is implemented in selected parts along the diamond value chain, including diamond dealers, processing companies, customs, logistics companies and exchange centers .

The ultimate goal, according to the company, is to provide a transparent ledger in a decentralized network that displays every information about a diamond, from production to customer.

The system also works in parallel with traditional industry certificates such as GIA, NGTC and HRD, says ZhongAn, which means buyers can enter a diamond's certificate number to view all their information through a portal in the Diamsledger.

Zhang Yongwen, CEO of Diamsledger, said that "information on 760,000 diamonds was sent to Anlink in mid-July." Zhang claims that the application provides a double guarantee, along with traditional certificates, which mainly record physical information of diamonds, such as color and place of origin.