Public blockchain project VeChainThor has partnered with Shanghai Waigaoqiao Direct Imported Goods Co Ltd (D.I.G.), a major Chinese importer, to develop an authentication system for luxury wines as a means of combating the illicit wine trade in China.
As reported by CoinDesk, the VeChain-powered wine traceability platform currently oversees more than 20 wines across Shanghai’s Pilot Free Trade Zone.
The latest wine to be registered was the Australian cabernet sauvignon Penfolds Bin 407, which retails at about US$60.
Blockchain-strapped bottles are equipped with a near-field communication (NFC) chip to track the vintage’s place of origin. Moreover, the wine traceability platform is overseen by two government bodies, with the blockchain-stored data independently verified by auditors.
Launched in 2018, the Shanghai Wine and Liquor Blockchain Alliance aims to improve logistics and quality standards for China’s growing wine industry, in an effort to tackle counterfeiters trying to exploit rising consumption and demand.
Over a five-month stint alone, Chinese authorities reportedly seized close to 65,000 counterfeit Penfold bottles with a value exceeding US$4 million.
D.I.G. reported a 10% increase in sales for vintages tracked by the authenticating platform since launch, in line with sales of other blockchain-enabled food products. French supermarket chain Carrefour reported a boost in sales after tracking the production of their Mousline potato puree using Nestle’s blockchain solution.
Three stores currently carry VeChainThor-enabled Penfolds Bin-407 bottles, though the wine traceability system is poised to expand to more than 500 retail stores within Shanghai.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us