Jul 28, 2019 20:20 UTC
Jul 28, 2019 at 20:20 UTC
Chinese Alcohol Wholesaler To Try Blockchain To Combat Authenticity
A Chinese alcohol wholesaler and marketer, Oranco that specialises in Fenjiu liquor and imported wines, is as per reports, currently testing a blockchain solution in order to guarantee the authenticity of its products. As per a 26th July press release Oranco subsidiary, Fengyuang Huaxin Liquor Development has been collaborating with the blockchain-focused company Guangzhou Silicon Technology (GSTC) for almost a year now. The two companies have agreed to co-develop a solution for identifying Oranco’s beverages as genuine.
The solution reportedly included proprietary anti-counterfeiting laser recognition, where the alcohol products will be tracked and certified with the help of blockchain technology.
This occurs in two steps. Initially, GSTC is responsible for verifying if the given product is authentic or not. Then they will be using the new blockchain solution so as to issue a digital ID for the product on a blockchain.
Peng Yang, the president of Oranco, is of the belief that with this new blockchain-based assurance, the company’s products will increase in value:
“We believe the verification capabilities of blockchain will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages. This technology will assure the authenticity and further build the value of our premium products.”
This, however, is not the first time that this sort of initiative has been taken. Several wine and liquor producers have been using blockchain solutions to track and demonstrate the authenticity of their products, as the market for fakes becomes more and more robust with each passing day.
In May 2018, VeChain, a blockchain startup based in Shanghai, announced that it was testing a blockchain application to confirm and authenticity and assist the wine supply chain in fighting counterfeits. As part of the project, VeChain collaborated with Shanghai Waigaoqiao Direct Imported Goods to begin testing with products from French producer Pierre Ferraud and Fils.
In October of the same year, Overstock.com venture capital subsidiary Medici Ventures also invested in Israel-based firm VinX to develop a blockchain-powered wine futures platform.