ZhongAn insurance tracking 760,000 diamonds
Coindesk reported earlier that China web-only insurer ZhongAn Insurance has transferred the data of more than 750,000 diamonds onto a blockchain.
The move is thought to be built on ZhongAn’s own proprietary network, and includes the diamond supply chain, diamond dealers, logistic and customs operations.
Blockchain + AI = strong industry move
Traditional industry certification like GIA and HRD will work in tandem with the new ZhongAn system and all diamond information – certification, etc – will still be available via an existing industry portal Diamsledger.
For some time ZhongAn has deployed artificial intelligence twinned to big data to price insurance risk more effectively as well as lower costs.
ZhongAn Technology which is a subsidiary of ZhongAn, earlier this year filed a blockchain patent to protect media company intellectual property rights. In effect, safeguarding licence agreements.
The insurance player has also filed a blockchain patent to track food supply chain data.