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With VeChainThor’s authenticating system for luxury wines, Illicit wine trade might come to an end

One of the most well-known as well as one of its kind platform, Shanghai Wine and Liquor Blockchain Alliance, which was launched in 2018 has once again been in the news.

Since there is no denial in the fact that this alliance has undoubtedly ended up enhancing the logistics as well as quality standards for the growing industry. This has also flourished as the middle-class Chinese consumers have gradually started developing a taste for the supple intoxicant.

However, the concerning part is the counterfeiting part has equally grown along with the consumption. As per the reports, 65,000 counterfeit Penfolds bottles were seized by the Chinese authorities.

COMBATING ILLICIT CHINESE WINE TRADE

Well, this unethical Chinese wine trade undoubtedly needed strict action. Therefore, in order to fight with this illicit trade, one of the most renowned importers in the region, Shanghai Waigaoqiao Direct Imported Goods Co (D.I.G.) shook hands with VeChainThor. Together they ended up building a sophisticated as well as effective luxury wine authenticating system.

HOW DOES IT AUTHENTICATE?

Truth be told, this is indeed a really effective way to authenticate as the chances of illicit wine trade is minimized to a large extent.

As per this authenticating technology, the blockchain-strapped bottles are equipped with NFC, i.e., Near-Field Communication chip. This is included so that the vintage’s provenance is tracked with better accuracy.

Moreover, the entire process of authentication is even more trustworthy as the entire traceability program is overseen by two governmental bodies as well as the data included in the blockchain is independently verified by auditors like DNV GL.

RAY OF HOPE

One can never deny the fact that the sales, at one point of time, hit its lowest because of the illicit trades.

However, situations are a bit less complex now as D.I.G mentions in a report that there is an overall increase of 10% in sales for vintages tracked by the authenticating program.

Therefore since its launch, it has been a bright ray of hope for the market.

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About Zaryab Afser

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A stock market trader, a blogger , a cryptocurrency enthusiast ... Awareness of proper trend and Action at the correct time are the 2 most imperative tools to succeed in the crypto world. He will undoubtedly provide you with the first tool. Moreover he ensures that his readers never miss any data or news of the crypto world that might end up shifting your trade to the zenith of its glory. Cheers.

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