LOGO_CRYPTO_SIGHT

130-Year Old Liquor Firm Launches The World’s First Blockchain Whisky Tracking

By Chris Torres | March 27, 2019
thecryptosight-130-year-old-liquor-firm-launches-the-worlds-first-blockchain-whisky-tracking
130-Year Old Liquor Firm Launches The World’s First Blockchain Whisky Tracking

On March 26,  Ailsa Bay – William Grant & Sons’ premium Scotch whisky brand – has planned to release the world’s first scotch whisky tracked by a blockchain-based system.

Ailsa Bay, which is a part of William Grant & Sons (WG&S), is one of the most traditional liquor companies. Founded in 1887, WG&S is reportedly to have yearly revenue of over $80 million USD.

Reported by Liquor industry news The Drinks Business, WG&S is now partnered with blockchain company arc-net in order to apply the blockchain power to in their manufacturing process. Specifically, WG&S will develop a platform that allows customers to track the whisky from source to store to provide the buyer with the authenticity of the products. Consumers will be able to trace each individual component of the whisky with provided data such as the cask type, filling and bottling data to ensure the quality of the products they buy.

The UK liquor industry has just suffered from a £220 million (over $288 million) lost each year due to counterfeit wines and spirits. Therefore, this launch is an attempt to reduce the chance of liquor counterfeiting in the United Kingdom.

By using blockchain, WG&S will also be able to gather information on the whisky purchased place as well as analyze customer demand and habits.

Several companies are now applying the blockchain technology in the production lines for more efficient business and ensuring the transparency in supply chains. Earlier in February, Russia’s Ministry of Education and Science has introduced its blockchain-empowered system to track natural diamonds.

Tags: , , ,

Comments