VeChain tests a Blockchain application to guarantee wine traceability
VeChain is testing its new blockchain application to monitor and control the wine supply chain in China to combat counterfeiting.
In 2017, China imported 2.4 billion euros worth of wine, an increase of more than 15% compared to the previous year.
Today, the wine market weighs more than 2.5 billion euros but many counterfeits flood the market and make consumers increasingly suspicious.
The Chinese startup VeChain in partnership with Shanghai Waigaoqiao Direct Imported Goods wishes to solve this problem and has carried out its first tests in a real environment with its new blockchain application dedicated to wine monitoring.
VeChain carried out its first trials with the French producer P. Ferraud & Fils, owner of a vineyard in the Rhône, in France.
This partnership involves delivering the producer’s red wine (Beaujolais Nouveau) through the application of VeChain. More than 10,000 bottles have already been shipped and traced through this channel.
Thanks to a barcode, customers can check the origin of the wine but also all the logistics during importation (in particular the customs declaration identifier).
A VeChain partner comments:
“Thanks to the beauty of blockchain technology, buyers will be able to follow the production and import cycle of wine bottles.”
To protect exceptional wines, VeChain explains using NFC chips close to the cork in order to render obsolete the information stored in the blockchain if the chip were to be damaged.
In April, we also learned that VeChain had joined the Maison des Startup in Paris (founded by the LVMH group) in order to fight against counterfeiting within the group.