The creator and operator of the popular Chinese app WeChat, Tencent, is reportedly pouring $70 billion (500 billion yuan) into emerging technologies including blockchain.
The tech giant has been gradually growing its exposure to the technology. Just at the end of last year, an invoice system powered by DLT was launched by Tencent and it received the go-ahead to start work on a virtual bank based on blockchain as well. The company is also a part of a national committee that has been set up to standardise blockchain technology across industries.
As recently as July 31, Chinese local news reported that Tencent is collaborating with the oldest and the largest producer of wine in China, Changyu, to introduce blockchain into the wine industry. In what is considered a pioneering move and a first for China’s domestic wine-producing industry, blockchain will trace and record each step of the winemaking process.
The platform will be capable of tracking all the processes from procurement to gross sales, from planting and brewing to distribution. The aim is to produce a unique certificate that will be attached to every single wine bottle ever produced by the company. The certificate will be traceable, meaning, consumers can use it to ensure the authenticity of the wine.
The complete process will be recorded on the blockchain platform and with the help of the QR code stamped on each bottle, customers can confirm the genuineness of the wine. They will also be able to access all the information regarding the procedure of procurement such as the grape type, plantation data, origin of the grapes as well as temperature and rainfall information.
Not to mention that blockchain will make it so much easier for sales outlets and distributors to prune out counterfeit wine and to track down the bottles that have not passed the quality tests. By doing so, it is expected that the blockchain technology will help the wine industry in saving millions that go into trying to solve this big problem of fake wine bottles and wine tampering.
Blockchain is a technology that is sanctioned by the State and China is leaving no stones unturned to create the infrastructure needed to implement it within all kinds of industries. It is, thus, a smart move on the part of Tencent to set aside funds and start investing in the technology. The platform for Changyu is a first of its kind in the country. Hopefully we will see more such blockchain innovations from Tencent in the near future.
Sources: Cointelegraph, Coindesk
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