On July 4 NEM published a blogpost that Symbol reportedly developed a blockchain solution that can trace and verify a large number of transactions per second.
Counterfeit wine is a major problem in China with estimates ranging over 50% of bottles priced $35 and over as being fake. Symbol Blockchain technology can virtually eliminate cases of fraud in the wine industry. Find out how: https://t.co/EkEZBYAcld pic.twitter.com/5AA7CByKUJ — NEM (@NEMofficial) July 4, 2020
Wine growers and producers can keep track of what’s happening with their raw materials and products at every stage of production and distribution.
Tampering, theft and counterfeiting usually causes the wine industry millions of dollars in lost revenue.
A hybrid blockchain solution is also integrated to address the data privacy issues with all parties involved, such as buyers, distributors and sellers.
In order to counter transportation tampering, winegrowers can also set up “disposable” smart contracts where final payments can be settled with the transport partner, only if the products can pass the verification and confirmation of the authenticity and quality by all parties:
“This allows the producer or grower to engage in comprehensive blockchain backed financial agreements, and make use of staggered payments using multi-signature accounts, while being supported by a state of the art blockchain that can provide verification results in real time.”
Symbol also plans to integrate the verification process to retailers and consumers for more transparency across the whole supply chain.