VeChain Tapping Getting Into Wine Industry

Recently we wrote a story about how IOST was working with Grim's Antiques in China to track art & antiques on the blockchain. Now VeChain is trying to tap into a large Chinese industry in need of authenticity on the blockchain. The Chinese Wine imports industry is a whopping $3.9B cash cow. In fact, the Chinese wine market is poised to become the world's second largest national wine market with a total value of $23B.

VeChain's Wine Traceability Platform verifies the origin of each bottle with a VeChain NFC tag located on the label of the bottle. As with any high dollar industry, there is a lot of temptation for people to try to pass off counterfeit's as legit. The VeChain tracking chip will make sure that importers know exactly where each individual bottle came from.

In the past, many importers and wineries have tried to come up with solutions to stop fraudulent bottles from getting through, but none of those solutions have turned out to solve the problem. At first read, maybe tracking a wine bottle with a blockchain encrypted NFC tag may seem like overkill. However, the counterfeit wine industry is actually a multi-million dollar industry of its own. With the help of VeChain & blockchain technology, those counterfeiters may be gearing up to move to a different industry.

To see more about this story and others watch BitBoy Crypto's latest Bitcoin News Video: