Phase II of VeChain’s Wine Traceability Platform (WTP) has just been launched with the introduction of Australian textbook Cabernet Sauvignon, Penfolds Bin 407 on the Blockchain for the Chinese market.
VeChain, a world-leading enterprise-level, public blockchain, has cut a deal with Penfolds, one of Australia’s most famed and respected winemakers, and has empowered them by using the blockchain for enhanced anti-counterfeiting and traceability.
Founded in 1844, Penfolds is best known for its iconic Grand Wine. Over the years, Penfolds has won a number of accolades and awards. For example, the 1955 Grange was named one of the top 12 wines of the 20th Century by Wine Spectator, and the 2008 Grange picked up a perfect 100-point score from Wine Spectator and Robert Parker’s Wine Advocate.
In the case of Bin 407, each bottle is attached with an encrypted N.F.C. tag specially designed for wine products. By reading the N.F.C. chip, customers can access the relevant wine bottle’s immutable product information stored on the blockchain, such as provenance information verified by independent auditors such as D.N.V. G.L. In this way, wineries can prevent their products from being counterfeited while allowing consumers to form more in-depth insight into the product, enhancing their confidence in the product.
Forty years of fast economic growth has made China the second-largest economy in the world and helped create millions of middle-class households. With the improvement of living standards and the change of lifestyle, drinking wine has become increasingly popular among the better-off Chinese citizens. According to the Research Report on Wine Import in China, 2019-2023, China imported $3.91 billion worth of wine in 2018, up by 6.50 percent year on year. According to VINEXPO, China will become the world’s second-largest wine consumer by 2023 with a market value estimated to be worth $23 billion.
VeChainThor Blockchain-powered Penfolds 407 bottles are now available in three brick stores:
- Waigaoqiao International Alcohol Exhibition & Trading Center:
No.77, Fute West 3rd Road, China (Shanghai) Pilot Free Trade Zone
- D.I.G. Flagship Store:
No. 460, Fute North Road, China (Shanghai) Pilot Free Trade Zone
- Sen Lan Shang Du Store:
No. 2988, Zhangyang North Road, Pudong New District
Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.
Together with their strategic partners PwC and D.N.V. GL, they have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, B.Y.D. Auto, Haier, Bright Food, D.I.G., DB Schenker, and PICC.