Lovers of booze can now check the genuineness of the next beer or wine they pick up thanks to Blockchain technology. This is because the company, Shanghai Great Lion Food & Beverages Management Co., Ltd has signed an agreement with DropChain, a company that uses Blockchain technology to track food and beverages.
Partnership Will Combat Fake Alcohol in the Market
Shanghai Great Lion controls a fair share of alcohol in the world because the company generated over $2.91 billion in 2017. A large number of its products can be found in Australia and New Zealand. Based on its market share, this agreement will significantly impact on the circulation of fake drinks.
Moreover, this development will discourage the production of counterfeits given that a consumer or supplier will now be able to tell a fake from a genuine one. While commenting on their partnership, Eugene Chew, Regional Director, Greater China said;
Chinese consumers buy our brands because they believe in the quality of Australian & New Zealand products and want an authentic experience. We look forward to piloting DropChain to build consumer trust & engagement.
DropChain’s Blockchain Technology to Track Beer and Wine Produced
In all this, DropChain’s Blockchain technology will be used to track the beer and wine produced by the company. Here, the details involved in the supply chain will be stored on the blockchain. Therefore consumers, as well as suppliers, will be able to access this information.
In addition to the user’s ability to verify the authenticity of these alcohols, DropChain’s platform notifies them about food contamination or recalls. They can also be enlightened about ethical food consumption. This and many more will be made possible using this digital technology.
Limitations of the Existing Means of Verification
Before this time, one of the limitations faced by the food and beverage company was the inability to track its products as they moved along the supply chain. This means that there will be a lot of fake in circulation. Accordingly, the only way consumers will be able to tell a fake from an original might be from the taste.
Billy Chan, CEO of DropChain noted that this is a fundamental human problem. It is a problem that affects families as well as brands. There is no way a person could trust the drink they picked up from a shelve based on the label. He pointed out that this was because the existing solution failed to align with the incentives of all stakeholders.
As a solution to this, DropChain’s platform has rewards for different stakeholders along the supply chain. This is a reward for their contributions to the make-up of a product and its movement from the point-of-manufacture. That is, as it moves from the producer, distributors, small businesses, and then to the consumer.