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One Chinese wholesaler is employing blockchain technology to try and counter the flow of counterfeit alcohol. Oranco Inc. is known for importing wines into the country and it hopes to be able to identify fake liquor by leveraging distributed ledger technology.
In a press release, it was detailed that Oranco is now testing its “blockchain-based anti-counterfeiting laser recognition proprietary technology.” This particular project is the result of a collaboration between the company’s Fengyuang Huaxin Liquor Development Co., Ltd. and the Guangzhou Silicon Technology Co., Ltd. (GSTC).
The initiative will see GSTC verifying the authenticity of Oranco's premium products, ensuring that they have not been altered or replaced. Then, using the new technology, GSTC will create irreplaceable digital IDs on a blockchain for each of Oranco's premium alcoholic beverage product.
Oranco believes that the technology will increase the value of its collectible product lines. Commenting on the project, Oranco President Mr. Peng Yang said:
“We are pleased to announce that our blockchain solution for liquor identification and collection has entered into test stage. We believe the verification capabilities of blockchain will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages. This technology will assure the authenticity and further build the value of our premium products."
Aside from the acquisition and wholesale front, even wine production is seeing the benefits of blockchain, Cointelegraph reports. This is an attempt to curtail the multi-billion-dollar counterfeit liquor market where criminals are shipping liquor that masquerades as the real deal.
