Komal Joshi · Oct 20, 2020 . 5min read
Changyu partners with Tencent to build blockchain platform
Changyu has announced a partnership with Tencent to build a blolchain platform consisting of all information regarding the product to enable authentication.
By Shilika · Aug 3, 2020 . 4min read
China’s oldest wine producer Changyu has partnered with Tencent in order to build a blockchain platform to help its business. The project was announced in Shandong on the 30th of July.
Changyu and Tencent will work together to build a high-end wine traceability platform using Tencent’s Cloud Platform and its Lingyu blockchain technology. The technology will help trace all information of each individual bottle of wine. Each bottle will come with a ‘digital ID card’.
Sun Jian, General Manager of Changyu Co. Ltd., said that all information regarding the product is on the blockchain platform. Customers can scan the QR code of the product. They will have access to all information from the planting of the seeds to the sale of the bottle. They can also observe details like the type of grape, rainfall levels, temperature, etc. At the other end, customers can also look at information regarding the names of distributors and sales outlets.
Vice President of Tencent, Ma Bin, reflected on how the partnership creates a mechanism of consumer authentication and corporate anti-counterfeiting. He hopes that this wine traceability ecosystem will become an industry benchmark.
There has historically been a lot of fraud in the wine industry. Tampering, theft, and counterfeiting have cost companies millions of dollars in revenue. Earlier this month Symbol, an enterprise-friendly blockchain platform had announced that it would be providing support to counter the growing instances of fraud.
Zhang Bishi founded Changyu 128 years ago in the Shandong province. Along with being China’s oldest winery, it is also China’s largest. Therefore, China’s first winery has now also become the first to embrace blockchain technology.
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Victor Ugochukwu · Oct 20, 2020 . 5min read