- Penfolds Bin 407 was set as the second phase of the Wine Traceability Platform
- Wine Counterfeiters are taking advantage of China’s growing economy
- This program is said to enhance transparency and reliability in the wine industry
August 7, 2019, VeChain Foundation announced that the Wine Traceability Platform that was co-developed by VeChain and D.I.G. has revved up its second phase by introducing Penfolds Bin 407 which is projected to enhance transparency and reliability.
It is reported that China, the second-largest economy globally, has experienced tremendous growth due to forty years of intense economic growth that has aided in the creation of millions of middle-class families. This has created an environment where wine is becoming more popular due to an increase in income and better living standards for more Chinese people.
China Reported being the Second Wine Consumer Globally
China imported wine valued at $ 3.91 billion, in accordance with a Research report on Wine Import, 2019-2023. This value is up by 6.50 percent precedent of the previous years. China will be the second-biggest wine consumer by 2023, according to reports filed by VINEXPO with a market value of close to $ 23 billion.
Counterfeiters take Advantage of this New Development
This has attracted its share of both the good and the bad players in the industry as was recently experienced in November 2017, after a bevy of counterfeiters were nabbed with 14,000 bottles of fake Penfolds with an estimated value of 1 million U.S. dollars. And in another incident, five months later, police officers in Zhengzhou, in the He Nan Province unearthed another 50,000 counterfeit bottles valued at 2.8 million USD. This is a snippet of the whole story given the vastness of wine fraud.
Anti-counterfeiting standards have been taken by wineries and distributors in a bid to reduce or be done with fraudulent sales, but it has proved to be a hurdle. Several partnerships have been formed to curb this problem with the recent being the D.I.G. (Shanghai Waigaoqiao Direct Imported Goods Co., Ltd.) a leading importer in China has partnered with VeChain, a world-renowned enterprise-level, public blockchain in launching the Wine Traceability Platform (otherwise known as W.T.P.) in June of 2018.
The Technology Explained
The W.T.P. takes into account the strengths of the blockchain, IoT devices and mobile devices to take readings of the entire process of wine from the wineries to the distributors using the BaaS platform developed on the VeChain ToolChain. This has boosted customer confidence leading to an increase of 10% in sales after the solution was implemented according to D.I.G. statistics.
The unveiling of Penfolds Bin 407 was done in July 2019 with the launch of Phase 2 of W.T.P. “Australia’s most respected and well-known winemaker, Penfolds, has presently been licensed with blockchain for advanced anti-counterfeiting and trackability.
Established in 1844, Penfolds is best known for its exemplary Grand Wine. In recent years, Penfolds has been awarded a number of awards. For example, the 1955 Grange was named one of the top 12 wines of the 20th Century by Wine Spectator, and the 2008 Grange picked up a perfect 100-point score from Wine Spectator and Robert Parker’s Wine Advocate.
Each bottle has been encrypted with an N.F.C. tag in the instance of Bin 407, which the customers can gain access to the desired wine bottles fixed product information kept on the blockchain.