Symbol has developed a blockchain solution that will help winemakers track raw materials and products at every stage of production and the supply chain, as well as fight fraud.
The NEM project, which was renamed Symbol earlier this year, recently announced the launch of a new solution on the blockchain, which is designed to track raw materials and products in the production and supply chains of wine.
Symbol was developed as an enterprise-friendly blockchain that is designed to work in conditions requiring a large number of transactions per second, for example, applications for tracking product supply chains.
Symbol operates on the PoS + consensus mechanism and allows you to process various transactions involving multiple parties, as well as carry out trust-free asset swap transactions between multiple participants.
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The solution will help winemakers and wine producers to keep track of what happens to their raw materials and products at every stage of production and distribution. Wine producers will be able to track general information about each bottle, box, or box of wine by the serial number associated with the grape, year, or vineyard. All data is recorded on the blockchain and helps to ensure that the wine leaving the place of production is genuine and has not been tampered with at any stage of the transportation process.
The hybrid blockchain solution aims to solve data privacy problems for all interested parties, for example, buyers, distributors and sellers. To counteract fraud during product transportation, winemakers can enter into “one-time” smart contracts. Settlement of payments with a transport partner occurs only if the products have passed the confirmation of authenticity and quality by all parties.
“This allows the wine producer or winemaker to participate in complex financial agreements and apply phased payments using the blockchain, which can provide real-time authentication and product quality verification results,” the developers say.
This is not the first time that blockchain has been used to track wine supply chains. Last summer, Singapore-based VeChain entered into a partnership agreement with Penfolds, an Australian winemaker, to launch a blockchain-tracking wine batch.
