Wine industry continues to lose hundreds of millions of dollars because of counterfeit products, in addition to theft and adulteration.
Symbol, an enterprise level blockchain venture backed by NEM platform is offering blockchain technology against the backdrop of increasing irregularities in wine poductions, as per a blog post by NEM two days back.
Symbol has created a blockchain solution that can monitor and validate huge number of trades per second.
This can assist wine producers and grape farmers to precisely know the status of their raw materials and goods in every stage of production and delivery to various locations.
A hybrid blockchain tool is also incorporated to resolve data privacy problems faced by all partakers, including distributors, buyers and sellers.
To negate all kinds of frauds during transit, wine brewers can put up “disposable” smart contracts. Settlement can be done with the partner taking care of transportation of wines, only after making sure that the product clears validation and confirmation of originality by all participants. Additional details provided by NEM is as follows:
“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 intends to incorporate the validation process to vendors and consumers for better transparency throughout the distribution chain.
