Public enterprise blockchain platform VeChain has partnered with Autralian wine maker Penfolds to release a case of blockchain-encrypted wine bottles available, as a part of its Wine Traceability Platform (WTP) initiative.

More specifically, the launch of Penfolds Bin 407 in July marks the start of VeChain’s WTP phase 2, per an announcement from VeChain on August. 6. The bottles from this case are reportedly on the market at the Waigaoqiao International Alcohol Exhibition & trading Center, D.I.G.’s Flagship Store and also the SenLan Shang Du in Pudong New District.

As per the announcement, every bottle inside Bin 407 comes connected with an encrypted N.F.C. chip. This chip reportedly contains the bottle’s product data on a blockchain, which may be accessed with a chip reader. These details reportedly embrace the bottle’s provenance info that is verified by third-party auditors.

Blockchain for wine

A number of firms are setting out to issue blockchain verification systems for wine. As antecedently reported by Top Market Group , the massive four audit firm Ernst & Young declared that it’s Ethereum-based blockchain resolution are wont to verify the credibility of foreign European wines in Asia. This resolution would reportedly be enforced on the e-commerce platform Tattoo, to be used by Blockchain Wine Pte. Ltd.

Near the end of July, the Chinese alcohol wholesaler and vender additionally declared that it'd be employing a blockchain solution to verify its products. This resolution supposedly makes use of proprietary anti-counterfeiting optical maser recognition for certification and blockchain technology for following.

On a slightly different note, retail large overstock declared its get into blockchain-based wine futures back in October. 2018. Overstock reportedly conjointly meant to fight wine fraud, however during this case by suggests that of developing a digital commercialism platform for wine futures. This could reportedly end in a secure supply chain that verifies wine trade merchandise, they said.

Overstock founder and chief operating officer Patrick M. Byrne commented on the company’s idea, saying:

“Like any economy, the wine trade has issue scaling its middlemen-heavy systems in parallel with the growing demands of an increasing world market. VinX’s steps in tokenizing wine futures whereas permitting wine enthusiasts to understand while not a doubt that the bottles they purchase are stuffed with authentic wines can position the complete trade as a model of a brand new world economy that replaces old boys’ networks with frictionless trust through technology.”

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