Tencent Builds Blockchain Platform for China’s Oldest Wine Producer

[VeryWellDone]

Chinese tech giant Tencent has revealed its plan for creating a blockchain-based wine traceability platform in collaboration with Changyu, China’s biggest and oldest wine producer, according to local news on July 31. It is said to be a nationwide first for the country’s domestic wine industry.

According to Changyu, the platform is designed to trace every step of the wine-making and sales processes, including planting, brewing, distribution and management. It will issue a unique traceable certificate for each bottle of wine it produces.

The whole process will be recorded on the blockchain network. The firm’s bottles’ scannable QR codes would allow consumers to verify the authenticity of the wine. The QR code will also present a whole set of data like plantation information of the grape types, origins, rainfall levels, temperature information among other things.

The blockchain network will reportedly help distributors and sales outlets to catch counterfeit bottles and to identify bottles that have failed quality-control tests.

As Cointelegraph previously reported, Symbol from NEM makes blockchain solutions to solve wine tampering and counterfeiting problems to save millions for the wine industry.

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[Rollinginthedeep]

Not shocked with Tencent since they already invested in crypto projects in the past, but good to hear that they're getting themselves into the industry directly.

[Leonardo]

I think this is one of the most realistic blockchain so far. The idea is perfectly matched since China is well known for producing fake products and wine is one of its traditional specialty. I have a feeling that this will be a big hit for blockchain and crypto. Tencent is not only a name, it's one of the largest tech companies in China.

[Andruha1993]

Each coin has its own product that we need in life. Therefore, I think we really need new promising coins.

[Rosemaryy]

Another promising application of blockchain technology is its use as an infrastructure for the financial ecosystem with fewer intermediaries and therefore less commission. However, for the formation of a capital market around digital assets, the stability of this sector is necessary.

[Thalassaya]

I think this is one of the most realistic blockchain so far. The idea is perfectly matched since China is well known for producing fake products and wine is one of its traditional specialty. I have a feeling that this will be a big hit for blockchain and crypto. Tencent is not only a name, it's one of the largest tech companies in China.

Stability gives people the opportunity not to spend time and resources trying to protect their savings from depreciation. Stable money can become the cornerstone of the international financial instruments market for loans and derivatives

[KryptoBull]

Blockchain? - This means that this network should ensure decentralization in the management of information about each bottle. I don't know who will become the node of this blockchain, or will they simply use Ethereum's codes to store information, so what tokens will the transaction be and how the profit sharing is done. I think they just want to build a network to share data with the main nodes of wine suppliers and distributors. If so, decentralization will be limited.