VeChain becomes part of China’s wine importing sector

VET 16 may 2019

Much like other brands trying to improve its product traceability platforms, the wine industry in China has been trying to do the same.

The main player in this initiative was VeChain when it first announced its Wine Traceability Platform in 2018, but the project had remained dormant ever since.

Now though, the first Winery brand has been added to the list of traceable products, and it’s one of the most iconic companies from Australia, Penfolds.

Penfolds being added to the list was a direct confirmation that VeChain has finally officially joined China’s efforts to increase their wine imports.

The initiative is based on the demand to combat counterfeit products that are being sold for the price of originals and distributed all over China. The project entails marking the bottles with chips that can determine its journey starting from the winery all the way towards the retail shops it will be sold in.

This, much like the news with Walmart helped the VET pump up a bit, but nothing like last time. In the previous instance, we saw a 40% rise simply because the size of the collaboration, but it’s likely to see VET grow even bigger as more and more wineries get added to the list.

This time, there was only a 3.5% rise.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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