To tackle fraudulent issues, D.I.G., a major importer in China has worked with VeChain, to launch the Wine Traceability Platform, leveraging the blockchain. This news surfaced on 06 August.
VeChain started the report informing about the growing prosperity in China and the yearning among its citizens to consume wine. The blockchain firm shared a statistic that China would become the world’s second-largest wine consumer with a market value estimated worth 23 billion U.S. dollars. VeChain highlighted that this exploding market had captured the attention of genuine parties and malicious actors.
VeChain conveyed that wineries and distributors had taken several anti-counterfeiting measures to combat fraudulent sales. The blockchain firm further added that to handle the issue, D.I.G. had worked with VeChain, to launch the Wine Traceability Platform (WTP).
VeChain added on the novelty of the development as –
“Built on the VeChain ToolChain, a revolutionary one-stop BaaS platform designed by VeChain, WTP took advantage of the strengths of 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 threw light on some recollection of WTP. Phase 2 of WTP had started with the introduction of Penfolds Bin 407. VeChain indicated that this was the first time that Penfolds, Australia’s famed winemakers, had been benefited by blockchain. The productivity gain achieved was enhanced anti-counterfeiting and traceability. VeChain summarized that Penfolds had won a number of prizes and awards.
VeChain conveyed news about a Memorandum of Understanding (MoU) signed between the Republic of San Marino Secretary of State with other stakeholders. VeChain and DNV GL, together with San Marino Innovation, would guide the nation toward the adoption of blockchain technology. VeChain clarified that the development was part of San Marino’s strategy to develop, promote, and deliver a full suite of technical innovation to facilitate digital transformation.
VeChain summarized by adding that generally each bottle is attached with an encrypted tag specially designed for wine products. By reading the chip, customers could access the relevant wine bottle’s unalterable product information stored on the blockchain, such as source information. VeChain suggested that through this approach wineries could prevent their products from being duplicated.