Blockchain technology has come a long way from where it started. After having incredible success in hosting cryptocurrencies and its efficient data handling the technology is now being used for multiple other tasks as well. The technology has proven itself in data management as well as in overseeing supply chains.
Now a century old fast moving consumer good (FMCG) company is set to implement blockchain technology for its brand Ailsa Bay. The premium brand is to release a blockchain based solution that tracks its drinking products. The company dubbed as William Grant & Sons (WG&S) was founded in the nineteenth century.
The company has a reputation in the drinking markets and has an income of more than eighty million dollars ($80m) per annum.
Sources claim that the company has partnered with a blockchain firm to develop the products as well as a network that will enable the firm to track the product from source to store and vice versa.
The industry faces a crisis as many counterfeits to premium products are being dispatched across the United Kingdom (UK). These create difficulties for the parent companies of the premium products as well as clients who pay the full amount only to receive a counterfeit product. The country loses more than two hundred million euro each year due to such counterfeiting.
Blockchain will enable the traceability of the product and show where the product is purchased through information gathered through customers.
Blockchain technology’s application in supply chain tracking is an innovation that is quickly gaining momentum.