• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Blockchain

Chinese Startup to Use Blockchain to Track Wine Imports

newsbtc by newsbtc
3 years ago
in Blockchain
Reading Time: 3min read
Blockchain
Advertisement

The Chinese wine industry is worth $2.8 billion. In attempts to improve trust, Shanghai-based startup VeChain is using blockchain technology to track imports to the city — the mainland’s second-largest market for imported wine — from vine to table.

VeChain: Using Blockchain to Build Trust in Wine Industry

To start, VeChain is teaming up with French producer Pierre Ferraud & Fils, whose 2017 Beaujolais Nouveau red wine is set to be verified on the blockchain platform.

How does it work? Shoppers in Shanghai scan a QR code, which provides them with details about the winery, the grape type, the date the bottle left the stock house, the date the wine landed in Shanghai, the date the wine hit shelves, as well as an 18-digit Chinese customs declaration number.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In attempts to further inform consumers, VeChain also plans to embed near field communications (NFC) chips near the wine stoppers in some more-premium wines. Once the chip is broken, users can no longer read or write data onto its blockchain, helping prevent refilling or mixing.

“The beauty of blockchain is that shoppers can see information about the whole life cycle of a bottle of wine from various sides, including vineyards, logistics and retailers,” said Fu Yu, a partner at VeChain who spoke with the South China Morning Post.

So far, 10,000 blockchain-enabled bottles have been shipped to retailer Shanghai Waigaoqiao Direct Imported Goods (DIG). This number is set to increase tenfold in 2019.

China’s Obsession with French Wine

The origin of a wine is the most important piece of information for Chinese consumers, according to studies by market research company Mintel Group. And France is their unrivaled favorite country of origin for all wines — red, sparking, white, or rose — according to a Mintel survey conducted last year.

Generally speaking, many major wineries already utilize ‘old school’ technology to prevent counterfeiting, using techniques like the laser etching of trademarks on bottles and bar codes that can identify the provenance of every bottle. But this method is limited as it does not follow wine along its entire production journey, and often lacks key information like a customs declaration number.

What VeChain and its partners are trying to do is carry out a verification of the entire supply chain. Brian Zhang, an independent wine consultant, said using new technologies at the very beginning of the production chain was a must, or the wine is ‘only as good as the weakest link in the chain.’

Warren Wang, an advisory partner at EY for Greater China, said blockchain was rising as a disruptive force to build a trust system as a traceable, tamper-resistant, and decentralized technology. He added that the foreign trade and luxury sectors, including premium wines, are among industries that can benefit most from it.

“In China, trustworthiness remains a weak spot and blockchain is well positioned to tackle the concern,” Wang said. “It’s still unfolding. In three to five years, we might see a killer application from the real economy.”

Featured image from Shutterstock.
Tags: blockchainchinaCounterfeitfranceprovenanceshanghaiVeChainwine
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

ethereum gas fees uniswap uni

Uniswap UNI Token FOMO Brings Ethereum Fees To Nearly $1M An Hour

5 months ago
bitcoin btcusd

How BTC Held On Exchanges Matches Bitcoin’s Deadliest Drop Yet

5 months ago
bitcoin whale

“Intense” Bitcoin Whale Exchange Flow Could Be Behind Weekend Crash

5 months ago
ethereum defi crypto altcoin ethusd

DeFi Effect: Ethereum Network Grows 25% In 2020, Most Addresses Profitable

6 months ago
Blockchain Battle With China Ensues With New US Congress Bill Proposal

Blockchain Battle With China Ensues With New US Congress Bill Proposal

6 months ago
bitcoin justice crime irs us goverment

Justice Department AG Claims US Gov, IRS Has Tools To Track Bitcoin Users

7 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.