Chinese Alcohol Distributor Oranco Begins Trial Of Blockchain Based Anti-Counterfeiting System
Oranco, Inc. (ORNC), an expensive liquor distributor and marketing company in China, announced that its innovative laser based identification technology that incorporates blockchain to identify fake products has formally started its evaluation stage. The liquor wholesaler in China is based in Fenyang City, China.
The business is presently concentrating on selling Fenjiu Chinese liquor and overseas wines. The company’s objective is to increase the consumption of expensive alcoholic beverages by the people of China.
On August 20, 2018, the firm, through its fully-owned venture Fengyuang Huaxin Liquor Development Co., Ltd., entered into an accord with Guangzhou Silicon Technology Co., Ltd., a firm focused in the production of blockchain technology solutions and technical services, to create systems to identify and prevent counterfeiting of branded alcoholic drinks of the business.
As per the Agreement, both sides decided to create a system to track the company’s rare and valuable liquors and other luxury items using blockchain technology which has features such as distinctiveness, data security and traceability of transactions.
The company feels the technology will boost the worth of its range of collectibles. GSTC will henceforth validate the originality of the luxury brands of the firm, ensuring that they are not modified or substituted physically. For every branded alcoholic drink of the company, GSTC will utilize the technology to establish tamper proof digital IDs on a blockchain.
Commenting on the blockchain initiative, Peng Yang, President of Oranco, Inc., said, “We are pleased to announce that our blockchain solution for liquor identification and collection has entered into test stage. 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.”