Oranco, a Chinese liquor distributer and advertiser that specializes in Fenjiu alcohol and imported wines, is currently looking for a blockchain solution which will ensure the authenticity of its products.
In the statement released last week, Oranco subsidiary Fengyuang Huaxin Liquor Development joined forces with the blockchain-based organization Guangzhou Silicon Technology (GSTC) about a year ago.
The agreement between the two companies was created in order to develop a blockchain solution to identify the authenticity of Oranco’s bevarages.
Oranco is sparing no expense
The developed solution features a proprietary, anti-counterfeiting laser recognition. It’s used alongside blockchain tech in order to track and certify Oranco’s alcohol products.
This purportedly happens in two stages. Initially, GSTC is entrusted with checking that some given item is credible. Second, GSTC will utilize the new blockchain solution to issue a digital ID for the item on a blockchain.
Oranco president Peng Yang strongly believes that with this new blockchain-based solution, Oranco’s items will steadily rise in value and demand:
“We fully believe in the verification and authentication properties of blockchain tech. We think that via blockchain tech, we will be able to reliably assure the authenticity of our premium alcohol products.”
Various wine and alcohol producers are likewise utilizing blockchain solutions to track and show the credibility of their products. In the near future, this practice will be completely necessary as the market for fake alcohol is already turning up to be a multi-billion dollar industry.
Last year, VeChain, a Shanghai-based blockchain startup, declared it was trying a blockchain application to verify the wine supply network to battle fakes. As a major aspect of the venture, VeChain paretnered with Shanghai Waigaoqiao Direct Imported Goods to start testing with products from French maker Pierre Ferraud and Fils.
- Carsharing is Being Looked Into For Future Blockchain Tech Implementation
- Trading Signals Now Available for Traders’ Convenience on Coinbase
- Moon Tokenization Blockchain Project is Now Available
- Bitcoin Blenders Are Enforcers of Decentralization - Oct 7, 2019
- UK Exchange Rates after Brexit Vote Aftermath - Sep 15, 2019
- Chinese ASIC Manufacturer Bitmain Lost $625 Million - Aug 6, 2019
- Bitcoin Officially has 85% of its Total Supply in Circulation - Aug 5, 2019
- Pundi X and Samsung Collaboration: Integration of the XWallet - Aug 2, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.