- July 29, 2019
- Posted by: Brett Anthony
- Category: Blockchain
Oranco, Inc. (ORNC), an expensive liquor distributor and marketing company in China, announced on July 27 that its innovative laser based identification technology that incorporates blockchain to identify fake products has formally started its evaluation stage. The liquor wholesaler in China is based in Fenyang City, China.
In a press release, it was detailed that Oranco is now testing its “blockchain-based anti-counterfeiting laser recognition proprietary technology.” This particular project is the result of a collaboration between the company’s Fengyuang Huaxin Liquor Development Co., Ltd. and the Guangzhou Silicon Technology Co., Ltd. (GSTC).
Under the Agreement, both parties agreed to develop the technology for the Company’s collectible liquors and other premium products by constructing a mechanism featuring blockchain technology’s characteristics such as uniqueness, data tampering protection, and transaction traceability. The company believes the technology will boost the worth of its range of collectibles. GSTC will henceforth validate the originality of the luxury brands of the firm, ensuring that they are not modified or substituted physically. For every branded alcoholic drink of the company, GSTC will utilize the technology to establish tamper proof digital IDs on a blockchain.
“The blockchain capabilities for product verification will enable us to reliably confirm the origin and authenticity of our premium alcoholic beverages. This technology will ensure the authenticity of the products and enhance their value, ”said Oranco President Peng Yang.
Aside from the acquisition and wholesale front, even wine production is seeing the benefits of blockchain. This is an attempt to curtail the multi-billion-dollar counterfeit liquor market where criminals are shipping liquor that masquerades as the real deal.