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Blockchain-based Solution Can Benefit the Counterfeit Ridden Chinese Alcohol Market

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Blockchain-based Solution Can Benefit the Counterfeit Ridden Chinese Alcohol Market

The Chinese alcohol marketer and wholesaler, Oranco has decided to use a new system to prevent counterfeiting of alcohol. The announcement was made by the company through a press release. The company which specializes in Fenjiu liquor and imported wines is planning to use a blockchain-based system to serve its purpose of preventing counterfeit currencies.

The press release mentions that the Huaxin Liquor Development, which is a subsidiary of Oranco, has been in a partnership with Guangzhou Silicon Development, a blockchain-based services provider for almost a year now. The technology the two companies are aiming to develop will help identify the authenticity of beverages.

Technology

The system is set to feature a laser recognition technology which will help to identify the counterfeits. The blockchain technology will further help the company to keep track of the certification and supply chain of the alcoholic products in their stock and supply.

After identifying the authenticity of the product, a digital certificate or ID for it will be generated over the blockchain. As this ID is immune to tampering and permanent in nature, it is possible to keep a track of the product. Any attempts to counterfeit or duplicate this product will be impossible. This technology and assurance of quality is likely to increase the market value of their products, contends the President of Oranco, Peng Yang.

Blockchain for Anti-Counterfeiting

Anti-counterfeiting businesses are doing great in the market. It has a huge market cap and in this respect, many producers are starting to use blockchain technology to keep track of their products. In May 2018, a blockchain startup in Shanghai, VeChain was reported to be testing a product that was supposed to verify the authenticity of wine over the supply chain. Such steps will eventually reduce the chances of counterfeiting over the whole of the market of counterfeit wines and other beverages.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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