ZhongAn Technology Tracking 760,000 Diamonds on the Blockchain

ZhongAn Technology announced the upload of data for 760,000 diamonds onto the blockchain and hopes to increase transparency and traceability in the luxury goods supply chain.

The company aims to provide consumers and suppliers the ability to trace the entire journey of the diamonds from production to ownership.

ZhongAn joined forces with online diamond trading firm Ediams, forming a new subsidiary, Diamsledger to market the project.

More consumers are demanding to know the origin of their products, especially with diamonds.

Consumers are becoming aware of issues surrounding diamonds and want to know if they are wearing ethically sourced gems.

This is where blockchain technology intends to change the industry, allowing consumers to trace the movement of their diamonds.

With companies such as ZhongAn providing a blockchain provenance record consumers can be assured they are purchasing genuine diamonds while helping to mitigate the issue of legitimacy.

ZhongAn Technology is a subsidiary of ZhongAn Insurance - China's first online insurance agency.

Diamonds are not their first venture in implementing blockchain technology into a supply chain.

In June 2016, ZhongAn Technology started a project to track the process of chicken farming where each step of the process-ranging from the egg to the processing factories and the logistic suppliers to the market-is recorded on the blockchain.