VeChain Releases Blockchain-Encrypted Wine Bottles For Australian Winemaker

Public enterprise blockchain platform VeChain has partnered with Autralian winemaker Penfolds to release a case of blockchain-encrypted wine bottles for sale, as part of its Wine Traceability Platform initiative.

The bottles from this case are reportedly available at the Waigaoqiao International Alcohol Exhibition & Trading Center, D.I.G.'s Flagship Store and the Sen Lan Shang Du in Pudong New District.

A number of companies are beginning to issue blockchain verification systems for wine.

As previously reported by Cointelegraph, the big four audit firm Ernst & Young announced that it's Ethereum-based blockchain solution will be used to verify the authenticity of imported European wines in Asia.

This solution would reportedly be implemented on the e-commerce platform Tattoo, for use by Blockchain Wine Pte.

Ltd.Near the end of July, the Chinese alcohol wholesaler and marketer also announced that it would be using a blockchain solution to verify its products.

On a slightly different note, retail giant Overstock announced its move into blockchain-based wine futures back in Oct. 2018.

Overstock reportedly also intended to fight wine fraud, but in this case by means of developing a digital trading platform for wine futures.

This would reportedly result in a secure supply chain that verifies wine industry products, they said.

"Like any economy, the wine industry has difficulty scaling its middlemen-heavy systems in parallel with the growing demands of an increasing global market. VinX's steps in tokenizing wine futures while allowing wine enthusiasts to know without a doubt that the bottles they purchase are filled with authentic wines will position the entire industry as a model of a new global economy that replaces old boys' networks with frictionless trust through technology."