One of Australia’s most respected winemakers, Penfolds, is now turning to the blockchain for enhanced anti-counterfeiting and traceability with its Penfolds Bin 407 with an attached VeChain NFC wine tag.
The tech-enabled wine tags help to communicate information stored on the blockchain, which not only helps customers verify that the products they are purchasing are authentic but empowers them to learn more about their origin and journey.
Changing lifestyle habits and drinking preferences are making wine popular among Chinese consumers—so much so that VINEXPO estimates that China will become the world’s second-largest wine consumer by the year 2023.
While many wine producers are enjoying the growth of the market for wine in China, so are many copycats and counterfeiters. To combat wine fraud, various anti-counterfeiting measures are being implemented, such as public blockchain VeChain’s Wine Traceability Platform.