Oranco Inc., a premium distributor and marketing company for alcohol in China, announced on July 27 that they have implemented a new blockchain-based technology that will help the company to be able to track products to ensure they are not counterfeit. The new platform has officially moved to the evaluation stage, and it is believed that this new technology will help to ensure that fake products do not reach stores.
In a press release, the company announced that in August 2018, they had reached an agreement with Guangzhou Silicon Technology Co., Ltd, a company that specializes in the development of blockchain-based platforms and solutions. The purpose of this partnership was to create a blockchain-based technology that would allow the company to be able to properly identify and ensure that anti-counterfeiting measures could be implemented.
According to the release, the two companies agreed that the technology would be used specifically on collectible liquors as well as other premium products. It was believed that the technology would eliminate counterfeit products from hitting the market, but would also increase the value of their products, as it would provide a higher degree of authenticity for purchasers.
Peng Yang, President at Oranco, explained:
We are pleased to announce that our blockchain solution for liquor identification and collection has entered into the test stage. 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. We look forward to further exploring and exploiting blockchain technologies following this exciting step.
While Oranco is a wholesale provider of a number of different alcohols, it is there premium alcoholic beverages that have helped to make this a household name across China. The company is the creator of a number of exceptional products, but those products have been tainted as counterfeiters have placed their products into the market, tainting the overall perception of the premium liquors.
It is expected that this blockchain technology will greatly reduce the counterfeiting of the liquors. Since each bottle will be marked and can be authenticated using the technology, it will allow retailers and consumers to be able to verify its authenticity before making purchases.
Since its creation, blockchain technology has quickly become the solution to many company’s concerns related to the distribution of their products. In one such case, Nestle reached an agreement with French supermarket chain operator Carrefour to partner with IBM to track food shipments across Europe. This program was implemented in March with milk being the trial product and has had positive results since its implementation.
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