VeChain brings blockchain technology to imported wines in China
Wed, 07 Aug 2019, 06:25 am UTC
Blockchain startup VeChain has announced that over 20 wines have gone live on the Wine Traceability Platform (WTP), powered by its one-stop BaaS platform VeChain ToolChain.
In June 2018, VeChain, DNV GL, D.I.G., the Business Information Center of Shanghai, and eight other government bureaus and enterprises formed the Shanghai Wine and Liquor Blockchain Alliance, under the guidance of Shanghai Municipal Commission of Commerce and Shanghai Liquor Monopoly Administration. The objective was “to complete product quality traceability system by 2020.”
In its press release dated August 06, VeChain said that the WTP leverages blockchain, IoT devices, and mobile devices to keep track of the entire lifecycle of wine from wineries to distributors.
“So far, the 20-plus wine products imported by D.I.G. have gone live on the platform, and one-third of that was imported by the company. According to D.I.G.'s statistics, the wines enjoyed an average of a 10% increase in sales after implementing the solution, resulting from enhanced consumer confidence,” VeChain said.
The startup further said that the second phase of WTP was kicked off last month with the introduction of Penfolds Bin 407, a leading wine brand from one of Australia’s leading winemaker Penfolds.
Each bottle of Bin 407 is embedded with an encrypted N.F.C. tag specially designed for wine products. By reading the N.F.C. chip, customers can view the relevant wine bottle’s key information stored on the blockchain, such as provenance information verified by independent auditors such as D.N.V. G.L.
This would help wineries prevent their products from being counterfeited while enhancing consumers’ confidence in the product.
VeChainThor Blockchain-powered Penfolds 407 bottles are now available in three brick stores – two in Shanghai Pilot Free Trade Zone and one in Pudong New District.
Another Chinese wine importer Oranco is also testing a “blockchain-based anti-counterfeiting laser recognition proprietary technology” in order to identify fake liquor.
In addition to wine, VeChain’s VeChainThor technology is also powering the supply chain management of natural gas. ENN Energy Holdings Limited, one of China’s biggest energy service providers, has been collaborating with ENN and state-owned Shanghai Gas since 2018 to develop a tracking solution for liquefied natural gas (LNG) using blockchain technology.
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