(BlockBar) Oranco, a Chinese alcohol wholesaler and distributor specializing in Fenjiu and imported wines, is testing a blockchain solution to ensure the authenticity of its products.
According to a press release issued on July 26, Fengyuan Huaxin wine development co., LTD., a subsidiary of Olanco, has been cooperating with Guangzhou silicone technology co., LTD. (GSTC), which focuses on blockchain, for nearly a year. The two companies agreed to jointly develop a solution to identify the authenticity of Oranco drinks.
The solution reportedly features proprietary anti-counterfeiting laser recognition and employ blockchain technology as a means of tracking and certifying alcohol products.
According to the statement. First, the GSTC’s task is to verify that some given products are real. Second, GSTC will use the new blockchain solution to publish digital IDs for products on the blockchain.
Oranco President Peng Yang believes that with this new blockchain-based technology, the company’s products will add value:
“We believe the verification capabilities of blockchain will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages. This technology will assure the authenticity and further build the value of our premium products.”
At present, most wine enterprises in the market adopt the method of scanning code for anti-counterfeiting, but this technology still has fraud loopholes. For example, counterfeiters can recycle the authentic products after packaging and fill them twice, copy the real source tracing and sell it to consumers, or fake a source tracing system for consumers to inquire, so as to fake the authentic products. However, blockchain technology, due to its security record features of non-tampering, data storage and encrypt protection, can recognize fake bottles.
As early as last June 11, “Shanghai wine blockchain alliance” announced the establishment of the plan in three years, the blockchain technology will be applied to the city’s 500 wine retail stores, focus on building 10 model products, so that consumers can query the real product life cycle of the
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