VeChain Makes Another Move Towards Global Adoption Creates Blockchain Authentication Scheme for Wine 

VeChain News Today – Recently, a number of companies have been commencing issuance of blockchain authentication schemes for wine. The scheme started with the big four audit firm Ernst & Young, which declared that its Ethereum-based blockchain solution will be used to validate the authenticity of imported European wines in Asia. This solution would supposedly be executed on the e-commerce platform Tattoo, for use by Blockchain Wine Pte. Ltd. Following this latest development, the Chinese alcohol merchants and sellers also declared that it would be applying a blockchain solution to validate its products. This solution supposedly makes use of trademarked anti-counterfeiting laser recognition for accreditation and blockchain technology for tracking.

VeChain News Update – VeChain launch Blockchain-Encrypted Wine Bottles for Australian Winemaker

Recently, VeChain a public enterprise blockchain platform has aligned with Australian winemaker Penfolds to publish a case of blockchain-encrypted wine bottles for sale, as part of its Wine Traceability Platform (WTP) scheme.

According to a press release from VeChain on August 6th, the unveiling of Penfolds Bin 407 in July symbolizes the commencement of VeChain’s WTP phase 2. The bottles from this case are supposedly obtainable at the Waigaoqiao International Alcohol Exhibition & Trading Center, the Sen Lan Shang Du in Pudong and D.I.G.’s Flagship Store and New District.

Each bottle within the Bin 407 comes connected with an encrypted N.F.C.chip. This chip supposedly encompasses the bottle’s product information on a blockchain, which can be retrieved with a chip reader. These details supposedly contain the bottle’s background data, which is authenticated by third-party auditors.

VeChain (VET) Price Today – VET / USD

Name Price
bitcoin
Bitcoin
$9,982.81-1.76%
vechain
VeChain
$0.0043-0.92%

Taking another dimension, far back in October 2018, retail king Overstock declared its move into blockchain-based wine futures. Overstock purportedly also planned to combat wine scam, although they are taking another approach to achieve this. They are creating a digital trading platform for wine futures. This would purportedly result in a protected supply chain that authenticates wine industry products.

Patrick M. Byrne, Overstock founder and CEO stated on the company’s idea, he declared:

“Like any economy, the wine industry has difficulty scaling its middlemen-heavy systems in parallel with the growing demands of an increasing global market. VinX’s steps in tokenizing wine futures while allowing wine enthusiasts to know without a doubt that the bottles they purchase are filled with authentic wines will position the entire industry as a model of a new global economy that replaces old boys’ networks with frictionless trust through technology.”

Choosing another approach, blockchain startup VinX is also creating a supply chain platform for trading wine, the platform will permit the procurement of antiquated wine by specialists and collectors still in its barrel, a year or two before it’s been bottled and released on the market.

Still on the trend of securing and authenticating wine, Big Four professional services firm EY has created a blockchain platform for a firm that will help consumers verify wines’ quality, source and authenticity. As gather from their publication, the platform will be used to trade wines straight from wineries to hotels, restaurants, cafes and customers. Meanwhile the platform is supported by Asian wine cellar, The House of Roosevelt.

What do you think about the VeChain News today? Will this move by the VeChain Foundation help promote the blockchain’s global adoption scheme? Share your thoughts about VeChain in the comment section.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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