Shanghai-based blockchain startup, VeChain, wants to arm the wine trade with blockchain and build trust in wines imported to the city,the mainland’s second-largest market for imported wine after China’s southern Guangdong province. The Chinese wine industry is worth $2.8 billion.
The startup is testing an application verify the whole wine supply chain and fight counterfeits with blockchain technology. 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.
By scanning a quick response (QR) barcode, consumers will be able to obtain essential information about the winery, grape variety, 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.
“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.