The former Long Island Iced Tea Corp, currently dubbed Long Blockchain Corp is entering into a definitive agreement of selling its beverage subsidiary. Its wholly-owned subsidiary, Long Island Brand Beverages is popular for making iced tea and lemonade under the “Long Island” brand.

The company is making this deal with the Canadian firm ECC2 Ventures. However, the main purpose of this agreement is to strengthen the loyalty operating business. Over the past few years, the company’s loyalty platform has witnessed efficient growth with both new and existing customers. Therefore, the company is taking further steps to streamline this progress.

The rebranding of the firm from Long Island Iced Tea to Long Blockchain Corp. took place in the year 2018. Within a few days, the company’s share price hiked from under $5 million to nearly $70 million, the source states.

Now, any beverage companies are even using blockchain technology for various purposes. In May, Ernst & Young launched a blockchain platform to check the quality of European wines and provide consumers with authentic info about the product. Also, Starbucks announced to make use of Azure blockchain to track detailed info about its coffee products. This proposed system keeps real-time tracking of coffee shipment over the globe.