If you think blockchain technology and its applications have been deployed at almost every sector of the world, wait for it. This news may particularly attract wine enthusiasts.
VeChain, a Shanghai-based startup, is turning its attention to the blockchain to bring trust and authenticity back into China’s wine market. Shanghai is China’s second-largest market for imported wine after China’s southern Guangdong province. Yet, despite it being a $2.8 billion industry the wine sector is being undermined in the country, according to a report from the South China Morning Post.
How does it work?
Shoppers in Shanghai scan a QR code, which provides them with details about the winery, the grape type, the date the bottle left the stock house, the date the wine landed in Shanghai, the date the wine hit shelves, as well as an 18-digit Chinese customs declaration number.
In attempts to further inform consumers, VeChain also plans to embed near field communications (NFC) chips near the wine stoppers in some more-premium wines. Once the chip is broken, users can no longer read or write data onto its blockchain, helping prevent refilling or mixing.
Fu Yu, a partner at VeChain said,
“The beauty of blockchain is that shoppers can see information about the whole life cycle of a bottle of wine from various sides, including vineyards, logistics and retailers,”
So far, 10,000 blockchain-enabled bottles have been shipped to retailer Shanghai Waigaoqiao Direct Imported Goods (DIG). This number is set to increase tenfold in 2019. Fu also mentioned that VeChain is engaged in negotiations with an Italian vineyard about utilizing blockchain to establish a foothold in China. The same offer has also been made to wineries in Australia and South America.
VeChain is hoping to change the perception of the industry by bringing a new level of trust and authenticity to the market.
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