Blockchain

VeChain Now Helping China to Regulate its Wine Industry

VeChain is a blockchain empowered platform that is intended to improve the supply chain management process. By using distributed ledger technology, VeChain caters to retailers and purchasers with the capacity to decide the quality and authenticity of items that are purchased.

As per the recent research report on Wine Import in China, 2019–2023, China imported 3.91 billion dollars worth of wine in 2018, which is up by 6.50 percent every year. Additionally, the analysis carried out by VINEXPO demonstrates that China will turn into the world’s second-biggest wine buyer by 2023, with a market worth assessed to be worth 23 billion dollars. The expanding business sector has attracted the attention of smart winemakers and counterfeiters. In November 2017, the Shanghai Police captured 14,000 containers of forged Penfolds, worth 1 million USD.

Furthermore, distributors and Wineries have taken different measures to battle false sales, yet only a few have demonstrated useful. To handle the issue, D.I.G (Shanghai Waigaoqiao Direct Imported Goods Co.Ltd.), a noteworthy importer from China worked with VeChain, a world-driving enterprise-level open blockchain, thereby launching WTP (Wine Traceability Platform) in June 2018.

Wine Traceability Platform (WTP) is based on the VeChain ToolChain, a progressive one-stop BaaS platform which is designed by VeChain. WTP leveraged from the qualities of blockchain, mobile devices, and IoT devices to monitor the lifecycle of wine from wineries to wholesalers. Currently, more than 20 wine products are imported by D.I.G, which have gone live on the platform, representing 33 percent of total wine items imported by the organization.

An official tweet by VeChain foundation can be read from the below link –

Furthermore, VeChain, the public enterprise blockchain platform has associated with Australian winemaker Penfolds to launch a case of blockchain-encoded wine bottles which are to be purchased, as a feature of its Wine Traceability Platform (WTP) approach. Penfolds, one of Australia’s most iconic and oldest wineries, is currently the first one on VeChain’s Wine Traceability Platform.

As indicated by D.I.G, the Wine Traceability platform powered wine items enjoyed a normal of 10% increase in sales in the wake of executing the solution, which resulted in increasing buyer confidence. Moreover, VeChain’s platform tracks the whole lifecycle of the wine from wineries to wholesalers by utilizing blockchain encoded NFC labels that will enable clients to find detailed data about the products.

Tags

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
Event Information
Event Information
Back to top button