VeChain (VET), a recognized blockchain project in the market, has onboarded a new partner to its wine traceability platform. The information was released by VeChain in a press release on August 6. The VeChain encrypted N.F.C tags have now been embedded into all Penfolds Bin-407 bottles in order to curb counterfeiting.
VeChain Fights Against Counterfeit Wines
VeChain has developed a wine traceability platform side by side with China’s Direct Imported Goods Co. (D.I.G.). The goal was to fight against illegal activities of wine counterfeiters by using blockchain technology and also the Internet of Things (IoT). In this way, it is possible to track the entire lifecycle of wines, from wineries to distributors.
It is worth mentioning that most of the wine products imported by D.I.G. integrated VeChain’s solution. With this implementation and improved transparency, wine sales have seen a 10 percent increase. Consumers have also increased their confidence by understanding how the wines are controlled and produced.
It is worth mentioning that in July 2019, the Phase 2 of the Wine Traceability Platform kickstarted with the introduction of Penfolds Bin 407. Penfold is one of the most iconic winemakers in the region. Penfolds is recognized for its iconic Grand Wine.
About Penfolds, the press release reads as follows:
“Over the years, Penfolds has won a number of accolades and awards. For example, the 1955 Grange was named one of the top 12 wines of the 20th Century by Wine Spectator, and the 2008 Grange picked up a perfect 100-point score from Wine Spectator and Robert Parker’s Wine Advocate.”
Each of the bottles of Bin 407 has an encrypted N.F.C tag that is designed for wine products. Using an N.F.C. chip reader, customers can have all the information about the wine, including provenance information that is verified by independent auditors. Wineries will clearly improve their sales with lower counterfeit and allowing consumers to form more in-depth insight into the product.
At the moment, there are three brick stores with this technology already working, including the Waigaoqiao International Alcohol Exhibition & Trading Center, the D.I.G. Flagship Store, and Sen Lan Shang Du Store.
VeChain has also started working with the Chinese consumer electronics giant Haier and also with Walmart China. Moreover, the firm initiated a token buyback plan of $25 million.
At the time of writing this article, VeChain is the 33rd largest cryptocurrency in the market with a valuation of $276 million and a price per coin of $0.0049.
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