Wine company using blockchain to eliminate fraud and secure authenticity. - page 2.

samcrypto

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Quote from: Godstrength on July 08, 2020, 05:49:51 PM

Quote from: dudusix9 on July 08, 2020, 03:42:48 PM

Will we see more of these scenarios in the next coming years?

We definitely will, its not just NEM who's doing it, but even other companies are already using blockchain technology in their businesses. Its just a matter of introducing the tech side to them.

NEM is a good blockchain technology and works with many companies already so the wine company choses this technology over the other, ETH also need to explore the business world and keep introducing their platform if they really want to grown on this aspect.

With a help of blockchain, this can really help to eliminate fraud and irregularity on the company since everything can be seen on blockchain and no one can tampered it. This is a good move to a company who are suffering from this kind of problem, from the production up to the market introduction NEM is a big help.

alani123

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This idea of blockchain-secured logistics is rather stupid in my honest opinion.

There's no way to check for the falsification of data so long as it's not grammatically generated in a cryptographically verified way. Sensors, GPS coordinates etc. can all be tampered with.
The whole logistics management aspect that combines blockchain infrastructure into the picture is still very much trust based and doesn't have any of the advantages a blockchain could have for lets say financial transactions.

Godstrength

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Quote from: dudusix9 on July 08, 2020, 03:42:48 PM

Will we see more of these scenarios in the next coming years?

We definitely will, its not just NEM who's doing it, but even other companies are already using blockchain technology in their businesses. Its just a matter of introducing the tech side to them.

BillGoldberg

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Why won't people build it on the Ethereum blockchain anyways?

BlinkInDie

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Yes, probably. Scam and fraud can be found on ALL industries, and I remember seeing like a sneaker company (I forgot if it's Nike or something) that was planning to use blockchain to use as proof of authenticity for a specific shoe.

If Symbol becomes the universal platform that companies will use, the token price will surely grow and probably do better than NEMs.

dudusix9

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Logistics and fine wine has been open to exploitation for some time. There are multiple examples of wine tampering, theft, counterfeiting and passing that all undermine confidence in both the supply and demand of fine wine as an asset class around the world, costing producers millions of dollars in lost revenue.

A recent Forbes article described wine fraud as an ‘epidemic’, with claims that over 50% of all wine exceeding $35 per bottle sold in China as being counterfeit. An estimated 30,000 fake bottles of wine are sold each hour in China alone.

A new initiative coming from NEM which is called "Symbol", helps wine growers and producers keep track of what’s happening with their raw materials and products at every stage of production and distribution, by using blockchain to track and verify the product as it leaves the vineyard, with all key information publicly available to reinforce the wine’s authenticity. If other industries such as food, agriculture, etc. started utilizing them this way, their token value will surely increase.

Will we see more of these scenarios in the next coming years?

Topic: Wine company using blockchain to eliminate fraud and secure authenticity. - page 2. (Read 240 times)