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VeChain Releases Blockchain-Encrypted Wine

SHANGHAI – Enterprise blockchain platform VeChain has partnered with winemaker Penfolds to utilize the technology as part of its Wine Traceability Platform (WTP) initiative.

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Forty years of explosive economic growth has made China the second-largest economy in the world and helped create millions of middle-class households.

With the improvement of living standards and the change of lifestyle, drinking wine has become increasingly popular among the better-off Chinese citizens.

According to the Research Report on Wine Import in China, 2019-2023, China imported $3.91 billion worth of wine in 2018, up by 6.50 percent year on year.

According to VINEXPO, China will become the world’s second-largest wine consumer by 2023 with a market value estimated to be worth $23 billion.

The booming market has caught the eyes of both savvy wine producers and cunning copycats and counterfeiters.

In November 2017, the Shanghai Police seized 14,000 bottles of counterfeit Penfolds, worth over 1 million USD. Five months later, police officers in Zhengzhou, He Nan Province busted another 50,000 fake bottles, worth over 2.8 million USD.

Given the nature of wine fraud, these reported cases are only the tip of the iceberg.

Wineries and distributors have taken various anti-counterfeiting measures to combat fraudulent sales, yet few have proved useful.

To tackle the issue, D.I.G. (Shanghai Waigaoqiao Direct Imported Goods Co., Ltd.), a major importer in China, worked with VeChain, a world-leading enterprise-level, public blockchain, and launched the Wine Traceability Platform (WTP) in June 2018.

Built on the VeChain ToolChain, a revolutionary one-stop BaaS platform designed by VeChain, WTP took advantage of the strengths of blockchain, IoT devices, and mobile devices to keep track of the entire lifecycle of wine from wineries to distributors.

So far, the 20-plus wine products imported by D.I.G. have gone live on the platform, and one-third of that was imported by the company.

According to D.I.G.’s statistics, the wines enjoyed an average of a 10% increase in sales after implementing the solution, resulting from enhanced consumer confidence.

In July 2019, Phase 2 of WTP kickstarted with the introduction of Penfolds Bin 407.

This was the first time that Penfolds, one of Australia’s most famed and respected winemakers, had been empowered by blockchain for enhanced anti-counterfeiting and traceability.

Founded in 1844, Penfolds is best known for its iconic Grand Wine. Over the years, Penfolds has won a number of accolades and awards.

For example, the 1955 Grange was named one of the top 12 wines of the 20th Century by Wine Spectator, and the 2008 Grange picked up a perfect 100-point score from Wine Spectator and Robert Parker’s Wine Advocate.

In the case of Bin 407, each bottle is attached with an encrypted N.F.C. tag specially designed for wine products.

By reading the N.F.C. chip, customers can access the relevant wine bottle’s immutable product information stored on the blockchain, such as provenance information verified by independent auditors such as D.N.V. G.L.

In this way, wineries can prevent their products from being counterfeited while allowing consumers to form more in-depth insight into the product, enhancing their confidence in the product.

VeChainThor Blockchain-powered Penfolds 407 bottles are now available in three brick stores:

Waigaoqiao International Alcohol Exhibition & Trading Center:
No.77, Fute West 3rd Road, China (Shanghai) Pilot Free Trade Zone

D.I.G. Flagship Store:
No. 460, Fute North Road, China (Shanghai) Pilot Free Trade Zone

Sen Lan Shang Du Store:
No. 2988, Zhangyang North Road, Pudong New District

Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.

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Walmart China Utilizes VeChain Blockchain for New Traceability Platform

Walmart China has announced the Walmart China Blockchain Traceability Platform, built on the VeChainThor Blockchain.

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The recent announcement by Walmart to utilize blockchain technology was made at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar.

This seminar was jointly organized by Walmart China and the CCFA in Beijing.

The announcement of the Walmart China Blockchain Traceability Platform came with the introduction to the first batch of 23 product lines that have been tested and launched on the Platform.

The Platform is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc.

It is expected that the Walmart China’s traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.

VeChain’s blockchain technology is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability.

By scanning the desired products, customers can acquire detailed information, including the source of the scanned products and geographic location received by Walmart, logistics process, product inspection report, and many more data points.

Data collection and data availability are to be continually added to the scale of the platform and its use of blockchain technology.

THE WALMART CHINA BLOCKCHAIN TRACEABILITY PLATFORM SIGNING CEREMONY

The Walmart China Blockchain Traceability Platform signing ceremony took place at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. The partners in attendance are represented by:

Mr. Pei Liang, President of CCFA
Mr. Chu Dong, Vice President of CCFA
Mr. Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China
Mr. Yang Weizhi, Managing Partner of PwC China Strategy and Innovation
Mr. Feng Yikai, Chief Operating Officer of VeChain
Mr. Liu Xiaoen, Chief Procurement Officer of Walmart China
Mr. Chen Mingzhi, Chief Ethics Compliance Officer of Walmart China
Dr. Yan Zhinong, Executive Director of Walmart Products Safety Collaboration Center
Mr. Li He, Chairman of Inner Mongolia Kerchin Co., Ltd.
As part of the event, the signing ceremony attendees conducted a discussion on how to share responsibilities and use technological innovations to guarantee the quality and safety of products and edible agricultural produce, boost consumer confidence and satisfaction, and contribute to the upgrading of service consumption.

Kevin Feng, Chief Operating Officer of VeChain commented on the collaboration, said: “As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology. We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”

Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China, stated: “Walmart has always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition. With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China.”

Elton Yeung, Strategy and Innovation Leader, PwC Mainland China and Hong Kong, pointed out: “PwC’s mission is ‘building trust and solving important problems’, which is the top priority of PwC in providing professional services and making business decisions.

In the face of food safety, how to build consumer trust is a problem that PwC, our clients and partners have been trying to solve.

We believe that Walmart’s Blockchain Traceability System will be an excellent example of blockchain technology applied in the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.

REALIZING LARGE-SCALE APPLICATION OF BLOCKCHAIN TECHNOLOGY AND PROMOTING PRODUCT TRACEABILITY IN THE RETAIL INDUSTRY

As a retailer trusted by consumers, Walmart has been devoted to improving food safety and quality management, and VeChain’s blockchain technology will enable it to take the lead in traceability management among retail peers.

Walmart China has pioneered the large-scale application of traceability platform based on the VeChainThor Blockchain, giving priority to products of high-concern and high-risk.

The first batch of 23 product lines have been tested and implemented using the public blockchain platform with more than 100 product lines following in the second half of this year, covering more than 10 categories.

Domestic customers are proposing higher demands on food safety, digitalization of food traceability will help suppliers to increase their brand value and win their consumers’ trust. Walmart China expects the use of the platform to continue to grow in scope, accounted scales, and geographic implementation.

As the platform continues to expand, more categories of food will be traceable and thus the value transfer will be further expanded in the industry reflected on the VeChainThor Blockchain.

Through the technical support of PwC and VeChain, Walmart China has built the proprietary food safety traceability platform on the VeChainThor Blockchain.

Participants in the supply chain will share their portion of data, and promote the visibility and management efficiency of the whole chain by utilizing the decentralized and tamper-proof blockchain technology.

This platform enhances the transparency of product information, ensures the authenticity of product data, and boosts the trust of their consumers.

In the future, the Walmart China Traceability Platform shall adopt multilateral cooperation, synchronizing data from local governments’ traceability platforms and suppliers’ own platforms, so as to provide customers with safe and high-quality products, all on the VeChainThor Blockchain.

Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration.

VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.

Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including BMW, BYD Auto, Haier, Brightfood Group, D.I.G, DB Schenker, PICC, etc.

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VeChain’s Newest Partnership Brings Blockchain Technology to Insurance Industry

People’s Insurance Company of China (PICC) enters into a partnership relationship with DNV GL and VeChain to bring blockchain technology to the insurance industry.

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Sunny Lu
Sunny Lu

“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL,” said Sunny Lu, Co-founder at VeChain.

Insurance companies use legacy claim management systems that produce overwhelming paper trails on insufficiently validated data that make up the current policy underwriting process.

The inefficiencies within data collection, verification, and auditing cause policies to be placed on bad actors leading to price increases on the behalf of all policy owners.

George Kang
George Kang

“The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing,” said George Kang, CEO at DNV GL Business Assurance Greater China Region.

PICC believes that blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience.

The realization of advanced IoT devices and smart contracts within this industry will potentially bring “instant compensation” for the companies producing a much more profitable business model.

The blockchain solutions designed by PICC come from a partnership with DNV GL and  VeChain. These solutions will bring digital transformation across the entirety of PICC.

By partnering with DNV GL and VeChain, PICC can provide robust assured solutions that protect user data, distribute ownership, and enhance existing artificial intelligence.

These solutions will do so without having to educate PICC’s clientele on blockchain technology while still offering the maximum benefits the technology provides.

PICC chose VeChain because of their existing solutions with DNV GL catering to real problems within businesses and governments.

VeChain’s use of their public blockchain, VeChainThor, provides enterprises with the tools, securities, and governance to properly control their assets while collaborating across multiple verticals, industries, and even countries.

By merging this technology with the assurance services of DNV GL, PICC is set to expand their current offerings, bringing true digital transformation to a now stagnant industry.

PICC believes they will derive new competitive advantages for their offerings now assured by DNV GL.

VeChain will initially provide solutions for pre-selected use cases that enable PICC to expand upon the base technology.

DNV GL’s globally-approved role as an independent third-party assurer for all provisions will aid in the firm’s expansion in blockchain-based solutions.

The combined collaborative efforts of this partnership will create new value propositions and onboard existing PICC clients and competitors to a broader collaborative ecosystem that benefits everyone.

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