Oranco – a China-based, Fenjiu liquor and imported wine-focused wholesale firm – is planning to employ a blockchain-based tool to enhance its merchandise’ authenticity.
Stated in a press release on July 26, in 2018, Fengyuang Huaxin Liquor Development – a subordinate company of Oranco – has collaborated with the blockchain firm Guangzhou Silicon Technology (GSTC), in an attempt to co-create a tool which helps with the genuinity identification process of its products.
The tool will be utilizing blockchain tech as a tracking and certifying measure of the alcohol, together with incorporating an anti-counterfeiting laser recognition system.
This is a 2-phase process. Firstly, GSTC will be in charge of checking the authenticity of some specific products. Next, GSTC will reportedly be generating a digital ID for the merchandise on the network, via the new blockchain tool.
“We believe the verification capabilities of blockchain will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages. This technology will assure the authenticity and further build the value of our premium products.” Oranco president Peng Yang remarked, having high hopes the new tech will boost the products’ value.
Blockchain tech have been widely utilized by wine and liquor-related companies, as a tracking and authenticity checking tool, since fake alcohol products have made billions of dollars worth of income.