CHINA – Chinese alcohol marketer and wholesaler Oranco is has announced that it will be rolling out its blockchain-based liquor identification and collection technology following the completion of its test phase.
Oranco’s technology – Huaxin Cellar Blockchain platform- enables the identification and anti-counterfeiting of the Company’s premium alcoholic beverages.
The technology was developed by its wholly-owned subsidiary Fengyuang Huaxin Liquor in partnership with Guangzhou Silicon Technology (GSTC), a company specializing in blockchain technical solution development and technical support.
Both parties agreed to develop the Huaxin Cellar Blockchain platform for the Company’s collectible liquors and other premium products by constructing a mechanism featuring blockchain technology’s characteristics.
Oranco believes that the Huaxin Cellar Blockchain platform will increase the value of its collectible product lines. The platform leverages on blockchain technology’s characteristics such as uniqueness, data tampering protection, and transaction traceability.
As part of the diligent effort to perform under the agreement, GSTC shall verify the authenticity of the Oranco’s products, making sure that they are not altered or replaced through physical means.
GSTC will then use the Huaxin Cellar Blockchain platform to create irreplaceable digital IDs on a blockchain for each of the Company’s premium alcoholic beverage product.
Mr. Peng Yang, President of Oranco, Inc., commented, “We are pleased to announce our blockchain solution for spirit identification and collection has finished its test phrase and we will launch the Huaxin Cellar Blockchain platform soon.
“It will enable our customers to ensure the authenticity of our premium alcoholic beverages and allow our new premium brands to build their value over time.
“We look forward to the steady advancements of our blockchain technologies and services as we drive continued growth in our business.”
The company commenced the test phase of its blockchain-based anti-counterfeiting laser recognition proprietary technology in July this year.
Headquartered in China, Oranco currently focuses on the sale of Chinese Fenjiu liqueur and imported wines, as well as the promotion of premium alcoholic beverages.
Oranco joins other companies in the food and beverage market to integrate blockchain technology in their product lines after tech startup VeChain recently launched the Wine Traceability Platform (WTP), powered by its one-stop BaaS platform VeChain ToolChain in over 20 wines