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VeChain Traceability Adopted to Batter Fraud in Emerging 2nd Largest Wine Consuming Country

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VeChain Traceability Adopted to Batter Fraud in Emerging 2nd Largest Wine Consuming Country

The world’s leading enterprise-level public blockchain technology which offers superior traceability solution, VeChain, has again found another adoption, this time in a huge arena with hope of bringing more greatness into the blockchain industry.

According to a report released today, VeChain, in partnership with D.I.G (Shanghai Waigaoqiao Direct Imported Goods Co., Ltd.), a major importer of wine in China, launched a Wine Traceability Platform (hereafter referred to as WTP) in June 2018 with the aim of combating fraudulent sale of wine within the borders of the country.

Wine market in China is booming lately with high rate of consumption within the country. After recording a high value of $3.91 billion worth of wine importation last year, it has been estimated that the China’s wine market would be worth $23 billion by 2023 to become the world’s second-largest consumer.

Due to a high demand for wine in China, fraudsters find the country as a prolific province in selling counterfeit wines. Nevertheless, law enforcement agencies are devicing means to mutilate the illicit act, ceasing about $3.8 million worth of counterfeit wines between 2017 and 2018.

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Yet, the marring efforts seem unchallenging for the zealous fraudsters, exactly why VeChain traceability solution was adopted to batter the whole problem.

Built on VeChain toolchain, WTP combines the strength of blockchain and IoT to keep track of wine’s entire lifecycle with the use of mobile devices.

Per the report, not less than 20 wine products imported by D.I.G has been deployed on the revolutionary one-stop BaaS platform, WTP, for immutable tracking, and there has been reports that the company has afterward witness 10% rise in sale of wine.

Australia Famous Winemakers Adopts VeChain Traceability Solution

Coming from the same update, it was revealed that VeChain also made its way into Australia through Penfolds, one of the most famous and renowned makers of wine in the country. Established in the year 1844, Penfolds is well known for iconic Grand Wine production.

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The company adopted VeChain as its first attempt to use blockchain to ensure transparency and traceability.

In the case of Penfolds, the partnership began in July 2019 when Phase 2 of WTP was implemented with the introduction of Penfolds Bin-407.

Through an encrypted NFC tag attached to each wine bottle, consumers can easily access all information about the wine, from wineries to distributors, stores on VeChainThor blockchain technology, thus enhancing thrust and confidence in Penfolds’ wines.

I am a lifetime Entrepreneur, Contributor @Thrive Global, @Oracle Times, @Coin Gape. Khalid Lawal is a lover of Blockchain technology and a junior analyst. • Hopes to be a venture capitalist one day. 

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