Wine company using blockchain to eliminate fraud and secure authenticity.

Logistics and fine wine has been open to exploitation for some time. There are multiple examples of wine tampering, theft, counterfeiting and passing that all undermine confidence in both the supply and demand of fine wine as an asset class around the world, costing producers millions of dollars in lost revenue.   

A recent ARTICLE described wine fraud as an ‘epidemic’, with claims that over 50% of all wine exceeding $35 per bottle sold in China as being counterfeit. An estimated 30,000 fake bottles of wine are sold each hour in China alone. 

A new initiative coming from NEM which is called "Symbol", helps wine growers and producers keep track of what’s happening with their raw materials and products at every stage of production and distribution, by using blockchain to track and verify the product as it leaves the vineyard, with all key information publicly available to reinforce the wine’s authenticity. If other industries such as food, agriculture, etc. started utilizing them this way, their token value will surely increase.

Will we see more of these scenarios in the next coming years?