As part of its Wine Traceability Platform (WTP) initiative, VeChain (a Public enterprise blockchain platform) has decided to partner with Penfolds (an Australian winemaker) to unveil a blockchain-encrypted wine bottles case for sale. Better-off Chinese citizens have increasingly embraced drinking wine because of the change of lifestyle and improvements in living standards.
VeChain’s press release on Aug. 6 stated that VeChain’s WTP phase 2 began with Penfolds Bin 407 launch in July. D.I.G.’s Flagship Store, the Waigaoqiao International Alcohol Exhibition & Trading Center and the Sen Lan Shang Du in Pudong New District are where the case bottles are kept.
An encrypted NFC chip is attached to each bottle that is inside the Bin 407. The product information of the bottle on a blockchain is usually found in the chip and accessible using a chip reader. In addition, third-party auditors will verify the bottle’s provenance information found in these details.
Blockchain-based wine verification
Verification systems for wine are becoming a common practice in a number of companies. For instance, Ernst & Young — a big four audit firm — hinted that it would use its Ethereum-based blockchain solution to verify Asia’s imported European wines authenticity. Also, Tattoo, — the e-commerce platform — which implement this solution will be useful on Pte. Ltd’s Blockchain Wine.
The Chinese alcohol wholesaler and marketer had earlier announced at the close of July that it would use a blockchain solution — a certification proprietary anti-counterfeiting laser recognition and tracking tech — for verifying its products.
In another different scenario, back in Oct. 2018, Overstock announced that it had implemented blockchain-based wine futures. The company developed a wine futures digital trading platform geared towards fighting wine fraud. As a result, a secure supply chain that verifies wine industry products emanated from that project.
Patrick M. Byrne, Overstock CEO and founder, made the following comments about the company’s idea:
“Like any economy, the wine industry has difficulty scaling its middlemen-heavy systems in parallel with the growing demands of an increasing global market. VinX’s steps in tokenizing wine futures while allowing wine enthusiasts to know without a doubt that the bottles they purchase are filled with authentic wines will position the entire industry as a model of a new global economy that replaces old boys’ networks with frictionless trust through technology.”