Shaping blockchain technology into another real-world solution, VeChain the enterprise blockchain solution provider collaborated with Penfolds, the Australian wine producer. A press release dated August 6th by VeChain, the partnership is the stepping stone of phase 2 of VeChain’s Wine traceability Platform.
Cutting the deal the Australian Cabernet Sauvignon, Penfolds Bin 407 was introduced on Blockchain into the Chinese wine market for the first time on VeChain WTP. A case of Bin 407 where each bottle of wine is blockchain encrypted with N.F.C. tags are being used to test the wine tracking initiative.
The N.F.C tag, when accessed using a chip reader, procures the product information that has been stored on the blockchain. The initiative by Penfolds and VeChain is focused to work as an enhanced anti-counterfeiting and traceability framework. The blockchain stores the product provenance information which has been verified but the auditors like DNV GL.
As per the reports, these Penfolds Bin 407 bottles with these N.F.C. tags are available for sale on D.I.G’s Flagship Store, Waigaoqiao International Alcohol Exhibition & Trading Center and at Pundong’s Sen Lan Shan Du store.
In Jan 2019, VeChain released the My Story Service in Italy where VeChain’s hardware tags were used to store the product-related information. It partnered with Rick Curbastro, Ruffino Wines, and West Wind Wines, the Italian Wine companies and used its tamper-proof blockchain platform to keep a record of all the product data that includes product quality, authenticity, worker rights, origin details, Animal Welfare, Ecological footprint and more.
It is a strong initiative by the major Chinese Importer D.I.G (Shanghai Waigaoqiao Direct Imported Goods Co., Ltd.) and VeChain to bring forward a traceability platform for wine. The WTP was launched by VeChain in June 2018.
WTP uses VeChain ToolChain, an innovative Blockchain-as-a-Solution platform by VeChain. It combines the potential of the latest technologies like IoT, blockchain WTP and mobile devices to store the product details right from the winery to the consumer. D.I.G has imported more than 20 Wine products using the platform which is about 33% of the total imports done by the importer recently. After the introduction of the WTP based system, D.I.G has recorded 10% sale enhancement as consumers are more confident about the product authenticity now.
Recently a number of wine manufacturers have started eyeing and adopting the use of blockchain technology to support wine verification systems. Ernst & Young, the leading audit firm announced early this year to use Ethereum blockchain for authenticity verification of European wines while being imported in Asia.
According to Patrick M. Byrne, Overstock founder, and CEO, the wine industry is facing immense difficulties to grow despite the increasing market demands. He stated that the middlemen are retarding the growth of a very potential wine market. Overstock has also taken initiatives in this space by tokenizing wine futures. Patrick believes in the ideology of Overstock that once more consumer trust is injected using blockchain, the growth of the industry will be frictionless.
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Contributing Writer for the Crypto Intelligence Agency