Tencent Introduces Blockchain Into The Wine Industry

Srimayee Sen Sarma

August 23, 2020

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.

Bringing blockchain to the wine industry

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.

Tencent is paving the way

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

Follow Asia Blockchain Review on:

About the author
Srimayee Sen Sarma

Contributing Author

Srimayee has over 10 years of experience in creating content. Driven by her passion for writing, She has had her articles published with a byline in newspapers, magazines, blogs, and websites. Her other passions include reading, gardening and traveling.

    Related Article
    India Bans 118 Chinese Mobile Apps Including PUBG
    India has banned as many as 118 Chinese apps following the tension between the two countries. The li...

    September 25, 2020

    OIO Holdings Launches Beta Test Program of Enterprise Cryptocurrency Wallet
    Singapore Exchange-listed company OIO Holdings Limited (“OIO”) is pleased to announce the beta test ...

    September 24, 2020

    Alibaba Debuts Delivery Robots At Cloud Computing Conference
    Alibaba Cloud, the digital technologies and intelligence backbone of Alibaba Group, today unveiled a...

    September 24, 2020

    E-Commerce: Taking To The Skies With Drone Deliveries
    In the context of the e-commerce sector, the drive for digitization is reflected in the use of drone...

    September 23, 2020

    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