VeChain Has to Ensure Transparency of Wine Trade in China
Representatives of VeChain said that their platform will provide transparency in the wine trade. This market is growing at a very fast pace, but unfortunately, the number of counterfeit products is growing with the increase in sales volumes. For example, just in the past 5 months Chinese authorities have seized about 65,000 fake bottles of Penfolds wine totaling more than $4 million. To fight the illegal wine trade in China, a major importer, Shanghai Waigaoqiao Direct Imported Goods Co (DIG), has partnered with a public blockchain project VeChainThor. Together they developed an authentication system for expensive wines. The last recorded wine is the Australian cabernet Sauvignon Penfolds Bin 407, which sells for around $60, according to Vivino. The bottles are equipped with an NFC chip to track the origin of the crop. In addition, two government agencies control this wine tracking platform, and information is verified by independent auditors. Such steps should eradicate the fake wine market in the region. Here is another great example of using blockchain technology in the real economy. We want to remind: