A unit of China’s ZhongAn Insurance says it has put the data of 760,000 diamonds on a blockchain.

ZhongAn Technology is working through Diamsledger, a new subsidiary jointly created by ZhongAn and online diamond trading firm Ediams, CoinDesk reported.

The system is built on ZhongAn’s proprietary blockchain network and is intended to provide a transparent ledger to track the diamonds all along the supply chain, including dealers, processing firms, customs, logistic companies and exchange centers.

IBM is also in the diamond business, snagging the Gemological Institute of America back in May as the first company to use IBM’s Crypto Anchor Verifier blockchain technology to help evaluate and grade diamonds. Read more here.

 

ThirtyK Staff
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