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VeChain Moves Into China’s $3.9 Billion Wine Imports Industry

Penfolds, one of Australia’s oldest and most iconic wineries, is now the first of its kind on VeChain’s Wine Traceability Platform. Launched last year in collaboration with D.I.G, Shanghai Waigaoqiao Direct Imported Goods Co., Ltd., a major importer in China, the platform is designed to stem the flow of counterfeit goods, authenticating the origin of each bottle.


Local reports show that counterfeit Penfolds accounted for over $1 million in sales in 2017 in Shanghai and over $2.8 million in fake bottles in Zhengzhou.


VeChain’s platform tracks the entire lifecycle of the wine from wineries to distributors by using blockchain encrypted NFC tags that will allow Penfolds’ customers to discover detailed information about their purchases. According to the announcement, Penfolds Bin-407 bottles are now available at three locations, tagged and powered by VeChainThor which connects blockchain technology with real-world infrastructure such as IoT.


Read More at The Daily Hodl

#VET #China #Blockchain

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