Chinese alcohol wholesaler Oranco announced Friday that its newly-developed blockchain-based anti-counterfeiting technology is now ready for testing. The technology was developed in partnership with blockchain tech solution firm Guangzhou Silicon Technology Co., Ltd.
In a press release, the company described its agreement with GSTC and Oranco’s goal for the new technology:
Under the Agreement, both parties agreed to develop the Technology for the Company’s collectible liquors and other premium products by constructing a mechanism featuring blockchain technology’s characteristics such as uniqueness, data tampering protection, and transaction traceability. The Company believes that the Technology will increase the value of its collectible product lines.
As part of the diligent effort to perform under the Agreement, GSTC shall verify the authenticity of the Company’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 President Peng Yang said that his company believes that blockchain verification can provide a useful way to authenticate and “further build the value” of Oranco’s premium alcohol products. He also noted that his company is already prepared to explore blockchain’s other potential benefits for the business in the future.