VeChain has been teaming up with companies all around the globe to deploy its leading blockchain technology in a bid to prevent counterfeit products from entering the market. In a bid to help Penfolds – a prestigious and iconic Australian winery – boost its sales to China, VeChain is deploying secure NFC chips into the bottles of Penfolds Bin-407 to prevent counterfeit bottles making it to market.
Stomping Out Fake Wines
As with most products in the world, there are cheap and nasty fakes roaming the streets in China. Counterfeit Penfolds wines accounted for over $1 million in sales in 2017 in Shanghai and over $2.8 million in Zhengzhou. By implementing these secure VeChain NFC chips, only legitimate bottles will match up with the blockchain network when a consumer scans the chip using VeChainThor. Considering a single bottle of Penfolds Bin 407 Cabernet Sauvignon 2017 goes for around $75, it’s probably a wise move.
VeChain Flexing Its Wine Pedigree
This isn’t VeChain’s first trip to wine valley. Earlier this year, VeChain signed a deal with three top Italian wineries to install the MyStory NFC tags into bottles. Consumers of these bottles of wine will be able to scan a tag and discover secrets about the specific bottle. Consumers can learn more about the vineyard, the type of grape used, growing conditions, harvest date, bottling date and vineyard owner to mention a few fun facts. The wine industry is worth billions, so stamping out fakes is critical to ensuring scammers don’t profit off of hard-earned trust.
Taking a Tour of China
China is the home of counterfeit goods, and VeChain is widely recognized as the go-to distributed ledger technology (DLT) platform to help fight back against this type of scammer. To help protect and secure its supply chain in China, Walmart China has also signed a deal with VeChain. VeChain’s technology will be used to track produce that is traveling between the brands 400 stores in the country. On the back of the news, VeChain spiked more than 50% and the momentum is continuing with this fresh Penfolds news.
It’s without a doubt that VeChain has cemented itself a place in the future of supply chain management with this flurry of deals. If you’re looking to get your hands on one of the first Penfolds Bin-407 with the VeChain NFC tag, they’re currently on sale at the Waigaoqiao International Alcohol Exhibition & Trading Center, D.I.G Flagship Store and the Sen Lan Shang Du Store in Shanghai.