Chinese Startup to Practice Blockchain to Track Wine Imports
May 25, 2018 5:28 am,
VeChain is teaming up with French manufacturer Pierre Ferraud & Fils, whose 2017 Beaujolais Nouveau red wine is set to be confirmed on the blockchain platform. Shoppers in Shanghai scan a QR code, which delivers them with specifics about the winery, the grape type, the date the bottle left the stock house, the date the wine landed in Shanghai, the date the wine hit shelves, as well as an 18-digit Chinese duties statement number.
In tries to further notify consumers, VeChain also tactics to embed near-field communications (NFC) chips near the wine stoppers in some more-premium wines. Once the chip is destroyed, users can no longer read or write data onto its blockchain, helping prevent restocking or mixing.
“The attractiveness of blockchain is that customers can see info about the whole life cycle of a bottle of wine from numerous sides, with vineyards, logistics, and retailers,” said Fu Yu, a partner at VeChain who spoke with the South China Morning Post.
So far, 10,000 blockchain-enabled bottles have been sent to shop at Shanghai Waigaoqiao Direct Imported Goods (DIG). This number is set to rise tenfold in 2019.
China’s Obsession with French Wine
The source of a wine is the most significant piece of info for Chinese consumers, according to studies by market research company Mintel Group. And France is their unrivaled preferred country of origin for all wines — red, sparkling, white, or rose — according to a Mintel survey showed last year.
What VeChain and its associates are trying to do is carry out a confirmation of the entire source chain. Brian Zhang, and self-governing wine consultant said using new technologies at the very beginning of the manufacturing chain was a must, or the wine is ‘only as good as the feeblest link in the chain.’
Warren Wang, and suggested partner at EY for Greater China, said blockchain was rising as a disorderly force to build a trust system as a noticeable, tamper-resistant, and distributed technology. He added that the distant trade and luxury sectors, as well as premium wines, are among industries that can profit most from it.