Blockchain has seen immense popularity in the last few years but one of the reasons for this is the broad range of use of the technology as it has been applied in the financial industry, for record-keeping purposes and, of course, for supply chain purposes.
The reason blockchain is so popular within the supply chain industry is because it creates an irrefutable ledger of all transactions that take place across each blockchain and this helps to prevent issues of counterfeiting, theft as well as ensuring that all goods that passed through the supply chain are accounted for. It has been applied yet again as VeChain announced on August 6, 2019, that they have partnered with Penfolds, an Australian winemaker, to release a case of blockchain encrypted wine bottles as part of their Wine Traceability Platform (WTP) initiative.
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This new release is called the Penfolds bin 407 and marks the beginning of WTP Phase 2. The boxes of wine reportedly are available at the Waigaoqiao International Alcohol Exhibition & Trading Center, D.I.G.’s Flagship Store and the Sen Lan Shang Du in Pudong New District.
As part of their efforts to ensure traceability, every bottle that is sold under the scheme will be equipped with an encrypted NFC chip which will contain the products information on a blockchain and when scanned with a chip reader, will immediately provide all this information such as the bottles province information which is to be verified by third-party auditors.
This is yet another exciting partnership for VeChain and also goes to show that blockchain is seeing greater use, particularly within the wine industry, and this is because the industry has the unfortunate problem of fakes and dupes existing within space but the use of blockchain allows them to combat this by ensuring that any product being purchased by the consumer is authentic.
Othe firms have made use of blockchain for wine traceability such as Ernst & Young who announced that their blockchain solution which will be used to verify the authenticity of European wines in Asia. This block solution will be implemented on Tattoo for use by Blockchain Wine Pte. Ltd who also announced that they will be using blockchain to verify their products. All these developments show that blockchain is entering another phase of maturity and is firmly embedding itself in the business world.