Use cases of blockchain technology are growing by the day as companies across the globe are coming up with newer solutions regularly. This time it’s Oranco, the Chinese self-branded liquor marketer, that has come up with a unique blockchain usage. The giant wholesaler will use a blockchain-based laser recognition system to fight counterfeit products. The company’s premium offering has been facing the problem of counterfeit liquor, causing loss of sales and serious brand violations, which can be devastating for any company in the long run.
The technology, called the Huaxin Cellar Blockchain platform, is a state-of-the-art spirits identification technology, will secure the authenticity of Oranco’s premium alcoholic offerings. The tech would ensure that the transaction information remains tamper-proof, circulation records are traceable, all the permanent records are certified. Speaking on the developments, the company’s president Peng Yang said,
“Powered by Huaxin Cellar Blockchain, the Platform is a full-service system covering all transactions from manufacturers to buyers. It offers services such as product authentication, product registration, circulation information tracking, B2C and C2C transaction support, product pick-ups and real-time trading. We believe that the Platform will serve as an exemplar model for reliable trading of premium and collectable alcoholic beverages online. It will guarantee the authenticity of our premium and collectable products while enhancing our customers’ trust and goodwill.”
Blockchain is fast becoming an important tool in fighting counterfeit products, and if it turns out to be potent enough, the room for an application can be humongous. A few months ago, the world’s leading technology company IBM announced that it would be using blockchain technology to identify counterfeit medicines in Africa, which says a lot about the potential outcomes. Counterfeit products have been the biggest problems for companies around the world, across industries, be it apparels, cosmetics, medicinal drugs, FMCG, etc. Countries like India, China, Pakistan, Bangladesh, and Sri Lanka, which are considered to be a hub of counterfeit production can apply such blockchain-powered systems to put an end to such social evils.
Apart from this, Oranco has also introduced an online trading platform using the same Huaxin Cellular Blockchain, which was developed under partnership with blockchain solutions provider Guangzhou Silicon Technology Co. President Yang commented that the platform would connect AliAuctions and WeChat, and this will help the company to serve more customers.
“Through the Platform, we expect to expand our online sales channels, which will increase the number of our customers and improve the Company’s brand awareness and value,” Yang added.