Singapore-based VeChain has partnered with Penfolds, an Australian winemaker, to launch a series of wine bottles that can be tracked using the blockchain. A new batch of wine on the blockchain can be bought in Shanghai stores.
A August 6 press release said wine would be sold as part of the Wine Traceability Platform (WTP) initiative. Penfolds Bin 407 is reportedly available for purchase at three retail outlets in Shanghai, including the Waigaoqiao International Alcohol Exhibition & Trading Center and the flagship store D. I. G.
According to the press release, each bottle of the Penfolds Bin 407 batch will ship with an encrypted NFC chip. It is reported that this chip will contain information about the product on the blockchain, which can be accessed using a reader. This data is reported to include information about the origin of the bottle, which is verified by third-party auditors.
The wine sale project, the origin of which can be verified using the blockchain, has been launched to prevent the spread of counterfeit alcohol products. For 5 months, the Chinese authorities seized nearly 65,000 fake Penfolds bottles worth over $ 4 million – Chinese buyers began to buy expensive wines more often, and as a result, the number of counterfeit goods increased. According to the leaders, the new project was to cover more than 500 outlets. Representatives of the project said that since the launch of WTP, sales have grown by 10%.
This statement is confirmed by sales of other food products that can be verified through the blockchain. French supermarket chain Carrefour has reported increased sales after the launch of its Mousline mashed potato production tracker with Nestle blockchain technology.