The Startup, based in Shanghai VeChain is a very complex project with many practical applications. A goal of VeChain is to provide the consumer with transparent and reliable information about where the product originates. VeChain has partnered with a retailer to identify the origin of the wine with the help of the VeChain Blockchain.
Product counterfeiting and the associated revenue losses are not the only companies to be a thorn in the eye, but also a sad fact for the consumer is a sham when buying a product “cheated”. This Problem wants to solve VeChain with your Blockchain.
The consumers should obtain detailed information about the products purchased by block chain technology. All the steps are validated within the supply chain, seamlessly and on the Blockchain stored, so that the consumer can verify this even, and thus the origin of the product.
The origin of the wine, according to studies by the market research company Mintel Group, the most important source of Information for Chinese consumers. Too many fakes have been shocked in the past, public confidence in wine produced ranges from Frank.
According to the South China Morning Post, the wine industry is a huge market with 2.8 billion dollars in sales, but it is also influenced by counterfeiting. For this reason, VeChain with the retailers, imported wine, Waigaoqiao Direct Imported Goods (DIG) has entered into a partnership to test products from the French manufacturer, Pierre Ferraud and Fils.
This VeChain to strengthen to help the trust in the wine and create the greatest possible transparency for the consumer. Since last year, over 10,000 by Blockchain scanned and tracked bottles of wine should be to DIG. The forecast for the year 2019, provides for a tenfold increase of the current volume.
By scanning a QR code on the bottle, consumers can view various information. The grape variety, the wine cellar dates back to the wine, the customs Declaration number, as well as a seamless documentation of the date of the bottle befandt to which the location belongs, for example.
A Partner of the project of VeCahin that this gain for the consumers, it was only through the Blockchain possible (freely translated):
The beauty of the Blockchain is that buyers mountains of information over the entire life cycle of a bottle of wine from various sides, including wine, logistics and retail, will be able to see.
VeChainbefindet currently in Gespärchen with other wine producers from Italy and Australia, to discuss the use of the VeChain Blockchain.
We are already since a long time big Fan of VeChain and what other application are clamped cases we will see. The rate of VeChain moves within the last 24 sideways and topped with a market capitalisation of 1.6 billion euros, 16 of the largest crypto currencies in the world.