Chinese importing company D.I.G. and enterprise blockchain provider VeChain’s wine traceability platform now tracks over 20 wines across Shanghai free trade zone

Briefing

Chinese importing company D.I.G. and enterprise blockchain provider VeChain’s wine traceability platform now tracks over 20 wines across Shanghai free trade zone

August 9, 2019

Briefing
  • Wine Tracking Blockchain – Chinese importer D.I.G. (Shanghai Waigaoqiao Direct Imported Goods Co. Ltd.) and enterprise blockchain VeChain launched wine traceability platform (WTM) in June 2018 to track product source and combat counterfeits in luxury wine industry
  • Over 20 Products – Oversees more than 20 wines, including latest Australian wine Penfolds Bin 407 as part of phase two of project in July 2019
  • How It Works – Near field communications (NFC) tag on wine bottles provide product information including audited provenance record on blockchain when chip is read from mobile device
  • Collaboration – Platform overseen by two governmental bodies, with provenence information independently verified by auditors like DNV GL
  • Sales Increase – Reported 10% increase in revenue from wine products tracked by platform since launch as of August 2019
  • Expansion – Plans to expand platform from current three retail stores in Shanghai to 500 in future

Accelerator
Emerging Market Opportunities, Globalization and International Trade, Internet-of-Things, Web3 Ecosystems, Tokens and Consensus Mechanisms

Market Disruption
Innovation Partnerships, Intelligent, Data-Optimized Supply Chains

Business Model and Practices

Business Model
and Practices
Innovative Partnerships, Optimized Supply Chain

Sector
Food and Beverage, Information Technology, Wholesale and Retail Trade

Function
Customer Experience and Service, Supply Chain and Logistics

Organization
DNV GL, Shanghai Waigaoqiao Direct Imported Goods Co. Ltd. (D.I.G.), VeChain

Source

Original Publication Date
August 6, 2019

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