Symbol from NEM makes blockchain solution to solve wine tampering and counterfeiting problems to save millions for the wine industry.
Tampering, theft and counterfeiting have caused the wine industry millions of dollars in lost revenue. Symbol, an enterprise-friendly blockchain project from the NEM ecosystem is now providing blockchain technology amid further frauds in wine productions, according to a blog post published by NEM on July 4.
Symbol reportedly developed a blockchain solution that can trace and verify a large number of transactions per second. This can help wine growers and producers keep track of what’s happening with their raw materials and products at every stage of production and distribution.
Data privacy and multi-signature verification
A hybrid blockchain solution is also integrated to address the data privacy issues with all parties involved, such as buyers, distributors and sellers, says Symbol.
In order to counter transportation tampering, winegrowers can also set up “disposable” smart contracts. Final payments can be settled with the transport partner, only if the products can pass the verification and confirmation of the authenticity and quality by all parties. It explained that:
“This allows the producer or grower to engage in comprehensive blockchain backed financial agreements, and make use of staggered payments using multi-signature accounts, while being supported by a state of the art blockchain that can provide verification results in real time.”
Symbol also plans to integrate the verification process to retailers and consumers for more transparency across the whole supply chain.