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Briefing: ZhongAn Tech sets up China’s first blockchain-based diamond traceability alliance
What happened: ZhongAn Technology, the technology arm of China’s online insurer ZhongAn Online, has founded an alliance with its partners for a traceability initiative build on a blockchain-based platform for the diamond jewelry industry. The company has placed more than 1.3 million diamonds on blockchain as of September 10.
Why it’s important: While China is fully embracing blockchain technology, Chinese tech firms are trying to find diversified application scenarios for the emerging technology to enhance security or create efficiencies in business. Diamond traceability is the latest addition to a host of applications such as evidence verification for courts, carbon credits, and project fund management.