Blockchain: A Solution to China’s Fake Wine ‘Epidemic’?
VeChain, a blockchain platform, backed by PwC, one of the 'Big Four' accounting firms, is working with Shanghai Waigaoqiao Direct Imported Goods (DIG) shopping mall on the project. Both VeChain and DIG have previously experimented with blockchain technology applications to fight the sale of counterfeit and contraband fashion items.
French wine producer Pierre Ferraud & Fils has signed a deal that will see 10,000 bottles of 2017 Beaujolais Nouveau red wine made sold at DIG outlets. The French company hopes to export 100,000 blockchain technology-verified bottles to DIG by 2019.