How can the Wine industry enjoy the benefits of Blockchain technology
The global Wine industry is worth in excess of $300 billion per annum. Industry estimates however state that every 5th bottle of Wine is fake and when specifically looking at the French Wine market this is as high as every 3rd bottle.
In its simplest form Blockchain technology is a digital ledger for transactions. When a transaction occurs a record of it is added to the digital ledger for it to be made visible and approved by permission parties. This brings enhanced communication and transparency and therefore applying this technology can combat issues around counterfeiting and supply chain non conformance.
The Wine industry has begun to embrace innovation. Whether this be through the development of sustainable packaging and the adoption of technology such as Blockchain. The increased requirements from consumers and issues specific to the counterfeit market and the financial impact this is having on the market has meant that the category has had no choice.
Implementing a Blockchain solution allows participant in the supply chain to hold and record digital certification which allows product to be tracked from source. Alerting non conformance and suspicious activity should the correct digital trail not be adhered to therefore provides enhanced transparency and directly tackles the issue of counterfeit Wine. An example of this information is:
Grower - Wine production begins at the vineyards. Here data such as humidity, acidity, soil and temperature and supporting procedural documentation can all be uploaded from source and shared with approved, permissioned participants.
Marker - Specific product and non commercial data can be uploaded which can provide authentication of product provenance and provide confidence in product quality. Data of suppliers, grape variety, data of receipt of raw materials and conditions of delivery can all be shared on one platform that is immutable.
Wholesaler - Transportation, storage
Filler/Packer - Data to ensure consistency of product quality and accuracy of labelling. Anti counterfeit protection measures (embossing, holograms, QR code data.
The above are just some examples of how data can be shared in a more secure, transparency and efficient way Vs non Blockchain supported process. Having this data and enabling earlier communication helps prevent product security issues and also creates earlier, improved communication between parties in the supply chain who traditionally would not get the option to have such an opportunity.
To find out more on the benefits of blockchain technology contact phil@TheVisionChain.com or visit www.TheVisionChain.com