The wine industry may be old fashioned but Symbol blockchain can modernize it to keep it thriving by helping its supply chain do away with counterfeit products. The issues that ultimately mean harm not just to the company’s reputation but the end-user.
Blockchain for supply chain: Blockchain serving its greatest purpose
Blockchain technology has proven its worth multiple times when it comes to reviving traditional businesses and their supply chain management. IBM blockchain, especially, has seen many takers recently who want to protect their brand’s credibility through a proactive approach.
Symbol blockchain, developed by peer-to-peer crypto and blockchain platform NEM, is an enterprise-level platform designed to handle massive loads on the supply chain processes. It has the ability to carry out high-speed transactions, especially in cases of provenance trackability and production and distribution supply chain.
Symbol blockchain to modernize traditional wine businesses
In the latest blog post published by the NEM ecosystem, Symbol blockchain emerges as a potential answer to the long-standing issues plaguing the wine industry. Excessive tampering and the presence of fake products are costing the industry millions of dollars worth of losses every year, not to mention the risk of brand-tainting, adverse effects on health, and imminent lawsuits.
Symbol blockchain can validate a large number of transactions every second, thus allowing wine manufacturers to keep a close track of what is happening with their products, who and how it is being handled, and where it is being sold. It gives an insight into every step of the wine supply chain and hence hands back control over to the winegrowers as well as its end users.
Not only that, but the Symbol also tackles issues concerning data privacy when multiple stakeholders are involved. According to the announcement, wine manufacturers can establish ‘disposable’ smart contracts.
It means that winegrowers take back control in the entire supply chain by settling final payments with the distribution companies only once it is able to confirm ticking all the checkboxes of authenticity and quality.
The NEM’s newly-developed solution enables wine producers to gain back control through blockchain-powered financial agreements and leverage the multi-signature payment verification and Symbol blockchain to uphold the genuineness in their products.