Oranco, a Chinese liquor store chain that specializes in the Fenju brand and imported wines, is testing a blockchain solution for countering counterfeit products.
About a year ago, a subsidiary of Oranco Fengyuang Huaxin Liquor Development entered into a partnership with IT company Guangzhou Silicon Technology (GSTC) to develop a solution to verify and ensure the authenticity of alcoholic beverages.
Companies use a proprietary laser counterfeit recognition system and blockchain technology to track and certify alcohol products. After receiving a batch of GSTC products using a laser, it determines the authenticity of the sample and then issues a digital certificate of authenticity on the blockchain.
“The blockchain capabilities for product verification will enable us to reliably confirm the origin and authenticity of our premium alcoholic beverages. Technology will ensure the authenticity of the products and enhance their value, ”said Oranco President Peng Yang.
Earlier, a large audit firm, Ernst & Young, announced a partnership with Blockchain Wine to develop a blockchain platform for tracking supply chains in the wine industry.