A Chinese blockchain application claims to have already tracked 760,000 diamonds. ZhongAn Technology, a branch of the Chinese web-only insurer ZhongAn Insurance dealing with the app, started the work of its DLT app just on August 7.
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The app is aimed particularly at tracing gems and the goal of its developers is to provide top-rated tracking of products in the luxury market. As per Coindesk’s report, the app has already recorded data of 760,000 precious stones onto the blockchain.
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ZhongAn Technology comes from Hong Kong and its app is run via Diamsledger. The latter one is an affiliate created as a result of ZhongAn’s and online diamond trading business Ediams’s teaming up.
The novel app was established on top of ZhongAn's patented DLT net and hosted on its Anlink cloud platform. The app is distributed across different participants of the gems’ supply net. Among them, there are:
- processing businesses,
- jewel’s dealers,
- logistic entities,
- and exchanges.
The system’s team is aspiring, as per the notification, to draw a clear tracking line between the production of diamonds and the final stage when clients receive their gems.vFurthermore, the app also functions on par with conventional market certificates like NGTC and HRD. ZhongAn added that acquirers could type in a gem’s document to check all its data through Diamsledger’s portal.
The top exec of Diamsledger Zhang Yongwen has said that as of mid-July the data regarding 760,000 diamonds have already been transmitted to Anlink. The CEO also added that the new technology provides the double-certainty parallel with conventional certificates that predominantly captured gems’ material data like the colour and geographical indications.
It is not the first time ZhongAn resorts to DLT technology to trace and register data in various industries. The previous experiences included the record of info for the food supply net and to protect media from the violation of copyright.