Chinese Premium Alcohol Distributor Oranco Tests Blockchain Liquor Identification Technologybr>
Chinese alchohol wholesaler Oranco is planning to employ a blockchain-based anti-counterfeiting laser recognition proprietary technology.
Headquartered in Fenyang City, China, Oranco promotes premium alcoholic beverages to China’s population. It currently focuses its business on the sale of Chinese Fenjiu liquor and imported wines.
Last year, Oranco’s wholly-owned subsidiary Fengyuang Huaxin Liquor entered into an agreement with blockchain startup Guangzhou Silicon Technology (GSTC) to develop the technology for the identification and anti-counterfeiting of the company’s premium alcoholic beverages. The technology reportedly features blockchain’s characteristics, such as uniqueness, data tampering protection, and transaction traceability.
During the test phase, GSTC will verify the authenticity of Oranco’s premium products, making sure that they are not altered or replaced through physical means. GSTC will then use the technology to create irreplaceable digital IDs on a blockchain for each of the company’s premium alcoholic beverage product.
Oranco believes that the technology will increase the value of its collectible product lines.
“We are pleased to announce that our blockchain solution for liquor identification and collection has entered into test stage,” said Peng Yang, President of Oranco. “We believe the verification capabilities of blockchain will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages. This technology will assure the authenticity and further build the value of our premium products. We look forward to further exploring and exploiting blockchain technologies following this exciting step.”