VeChain (VET) Helping China Eliminate Counterfeit Wines
VeChain Tor (VET), a leading distributed ledger technology (DLT) project has successfully on-boarded a new partner in its wine traceability platform (WTP) developed in collaboration with China’s Direct Imported GoodsCo. (D.I.G.). VeChain’s encrypted N.F.C tags have now been embedded into all Penfolds Bin-407 bottles to curb counterfeiting, according to a press release August 6, 2019.
As stated in its press release, it will no longer be business as usual for bad actors who have made millions of dollars counterfeiting Penfolds wines in China, as the product’s supply chain will now be traced by VeChain’s Wine Traceability Platform.
Reportedly launched in June 2018 by VecChain and China’s major importer, Shanghai Waigaoqiao Direct Imported Goods Co., Ltd. (D.I.G) to curb the activities of wine counterfeiters, the WTP utilizes blockchain technology and the internet of things (IoT) in tracking the entire lifecycle of wines from wineries to distributors.
Per the team, most of the wine products imported by D.I.G. have integrated VeChain’s solution and D.I.G claims its wines have seen a 10 percent increase in sales, thanks to the improved consumer confidence brought about by blockchain technology.
Penfolds Joins the Blockchain Bandwagon
Following the success of the initial phase of its Wine Traceability Platform, the VeChain team launched the second phase of the project earlier in July 2019, adding Penfolds Bin 407 premium wines to the platform.
Founded in Adelaide, Australia in 1844 by Christopher Rawson Penfold, an English Physician, Penfolds is one of Australia’s oldest wineries.
Penfolds, which is best known for its iconic wines such as Grand and Grange, has received multiple awards and accolades. According to VeChain, each Penfolds Bin 407 bottle is integrated with VeChain’s encrypted Near Field Communication (N.F.C) tag specifically created for wine products.
The N.F.C chip enables consumers to access important information regarding the life cycle of the purchased wine as stored on the blockchain, including provenance information verified by third-party auditors like D.N.V. G.L.
This way, it becomes almost impossible for bad actors to counterfeit the wines and consumers, on the other hand, will have more confidence in the product.
VeChain remains one of the most active blockchain projects in existence and its technology has gained significant adoption of late.
In June 2019, BTCManager reported that Walmart China had adopted VeChain for food traceability and in July, VeChain partnered with the government of San Marino to develop a blockchain-based innovation ecosystem.
At press time, the price of VeChain (VET) sits at $0.0052 with a market capitalization of $290.78 million, as seen on CoinMarketCap.