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Shanghai Startup to Use Blockchain to Verify Wine Origin, Fight Counterfeits

Published 05/24/2018, 08:20 PM
Updated 05/24/2018, 10:03 PM
Shanghai Startup to Use Blockchain to Verify Wine Origin, Fight Counterfeits

VeChain, a Shanghai-based blockchain startup, is testing a blockchain application to verify of the wine supply chain and fight counterfeits, South China Morning Post reported May 24.

The Chinese wine industry is worth $2.8 bln, but according to the South China Morning Post, aphorisms such as “the Chinese gulp down more ‘French’ wines than France makes” and “at least half of the Chateau Lafite-Rothschild consumed in China is fake,” have weakened public trust in the quality of the product.

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