Wine Certification on Blockchain Technology
Blockchain technology has already started to being adopted in various business sectors such as banking, real state, healthcare, etc
One interesting news that came in recently is, the Blockchain technology is being used to certify wine quality. EY along with a startups EZLab has created a blockchain based platform which certify’s and inturn communicates the quality and geographical origin of wines made in Italy.
(click here to know what is Blockchain)
Functioning
When the wine bottles are out in the market for sale, each bottle has a QR barcode printed with other details on it. If a user want’s to know about the wine, the user has to just simply scan the QR code using his smart phones and he will receive all the information on his phone.
Information like origin of wine, details of wine producer, it’s organoleptic characteristics ,the entire process of cultivation, production and processing of wine can be obtained by the user.
All these information are first stored in an ethereum blockchain and then it can be accessed by the user anytime by just scanning the QR barcode.
The first product to be verfied is Falanghina Wine produced by Cantina Volpone.
Opportunities
Analyzing the above situation, there can be a big opportunity in food-agro sector, especially in India. With rising adulteration in food products and decreasing quality, the consumers are unhappy about prices that have to be paid for it.
A system based on Blockchain technology can be created where, each time a food product is examined by authorities, all the details can be uploaded on a common blockchain ledger created particularly for this purpose mentioning all the details about the product. This information can be retrieved by any user by just scanning the QR barcode.
Blockchain technology is already improving various business sectors by reducing manual efforts and decentralizing the system. The first product built on blockchain technology was Bitcoin. The first decentralized digital peer-to-peer crypto currency that has now become the most valuable currency in the world which is currently priced around INR 80,000 or $1200.
Read the articles below related to different business sectors and understand how blockchain is being used in different areas.
US Government invests in Healthcare Blockchain
Blockchain enters in Brazilian Real Estate Market
