According to reports, Penfolds, one of the oldest and most iconic wineries in Australia, has become the first winery on VeChain’s Wine Traceability Solution. This means VeChain has officially ventured into the wine importation industry. VeChain’s Wine Traceability Platform was launched in collaboration with D.I.G (Shanghai Waigaoqiao Direct Imported Goods Co., Ltd.) last year. D.I.G is a major wine importer in China.
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VeChain’s Wine Traceability Platform is designed to checkmate the flow of counterfeit products and authenticate the origin of every bottle of wine. This is another landmark for the VeChain Blockchain as the network enters the wine importation industry. The goal is to improve the quality of service in the Chinese wine market and that of the globe in the long run.
In Shanghai, Counterfeit Penfolds Accounted for $1 Million in Sales Two Years Ago
Per local reports regarding fake products in the wine importation industry, counterfeit Penfolds may have accounted for at least $1 million in sales during the 2017 fiscal year in Shanghai. Another $2.8 million in the sales of fake bottles occurred in the Chinese region, Zhengzhou in 2017 as well. Hence, the new initiative will tackle this problem of fake products to reduce or possibly cut down its occurrence.
VeChain’s Wine Traceability Platform Tackles Wine Lifecycle
VeChain’s Wine Traceability Platform is designed to track the full lifecycle of wine from the wineries when they are sent to the distributors. VeChain does this with Blockchain encrypted NFC tags. These tags will give Penfold customers a chance to discover well-detailed data about their purchases. Penfolds Bin-407 bottles are reportedly available at three different locations. They have been tagged and powered by the VeChainThor which links Blockchain technology with the real-world infrastructure like the IoT.
D.I.G has reported a 10% increase in its sales after the platform integration with the VeChainThor Blockchain. This has been acknowledged as an indication of the way VeChain’s solution brings a better sense of trust for their customers. Via a statement, D.I.G said:
“Reading the NFC chip will give customers access to the relevant bottle’s immutable product data stored on the Blockchain. This will also include provenance information that has been verified by several independent auditors including DNV GL.”
D.I.G: VeChain’s Wine Traceability Platform will Reduce the Chances of Counterfeit Products
D.I.G also added in its statement:
“With the VeChainThor Blockchain tech and the Wine Traceability Platform, Penfolds along with similar wineries now have a chance to cut down the chances of their products from being counterfeited while allowing the consumers to form a more in-depth insight about products inevitably enhancing their confidence and trust in the system.”
According to research published by the ResearchAndMarkets on the importation of wine in China from the year 2019 through 2023, China’s current wine market value for wine imports stood roughly at $3.91 billion in 2018. It was up by 6.5% from the previous year which is 2017. The Chinese wine market is predicted to become the second-largest wine market in the world by the year 2023. The region’s wine market is expected to have a market value of about $23 billion, going by an analysis provided by VINEXPO.
Vechain Price Responds Positively
Despite the bearish trend in the crypto market, VET price is in the green zone. The token is trading at $0.005202 and has increased by 3.52% in the last 24 hours. The market cap of VET is $288,502,210.
Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.
