Blockchain in the alcohol industry

Let's discuss the benefits of blockchain implementation for the alcoholic beverage industry.  How does it work? Some manufacturers of alcoholic beverages may think that blockchain is something that involves only digital and cryptocurrency. But blockchain application is rather broader than in the field of crypto. It is already being used to track supply chains, authenticate products and prevent the risk of counterfeiting. And all of these issues are relevant to the alcoholic beverage industry. The largest issue facing the sector is adulteration.  Fraudsters tend to counterfeit and relabel cheap wines as rare and collectible ones. Major alcohol producers invest millions of dollars each year to fight counterfeiting. Worldwide, nearly one-third of all alcoholic beverages are mislabeled, counterfeit or fake, according to the International Center for Alcohol Policies. The alcohol industry has tried to combat counterfeiting in a number of ways: QR codes and holographic labels have become widespread. But they are still easily counterfeited: the link can lead to a fake website. Unlike these methods, blockchain is reliable and tamper-proof. And features like NFTs guarantee collectors of rare and expensive drinks that their purchases are genuine. What other problems blockchain can solve in the industry? Supply chain traceability and transparency Winemakers and distillers have often had the most responsibility for maintaining their brand, but lacked visibility into their supply chain once the bottles left their gates. Blockchain can help to increase overall trust and trace the source of alcohol and its ingredients all the way through to the consumer. This can include transparent tracking of production, labeling, shipments, and other processes in the supply chain.  Authentication of product Rare and collectible alcoholic beverages (such as wine and whiskey) are investments that only increase in value with age. But it is relevant only for original products. That's why it's important for collectors to know that they're investing in truly authentic beverages. Blockchain can be used to authenticate alcoholic beverages and spirits. This could be in the form of an encryption code linked with NFT on each bottle, which can be matched against the information stored on the blockchain to check if the product is legitimate or not.  Market transparency Most wine bottles only have the chemical composition and the company that made it. This is clearly not enough to understand how healthy, delicious, or organic it is. Evidence of an authentic back story resonates with consumers who want to understand the life journey of their favorite products. Blockchain technology can provide a more transparent view of the alcoholic beverage market, enabling producers, distributors, and consumers to have better insight into trends, demand, and availability.  Top of blockchain platforms for the alcoholic beverage industry Conclusion  The alcoholic beverage producers are becoming increasingly interested in the potential benefits of blockchain implementations. Blockchain technology offers numerous advantages to various players in the alcoholic beverage supply chain such as improved transparency, reduced costs, improved traceability, and enhanced security. With blockchain technology, each stage in the supply chain is linked to an immutable record and tracked, allowing real-time updates. This helps to reduce the risk of counterfeiting and contamination, allowing for better quality control and ensuring compliance with regulatory standards. There are already a number of blockchain solutions and startups that are developing platforms and applications for makers, buyers and collectors. And this is already changing the entire industry. Work with us to make your project a reality and join the technology revolution! Check out our portfolio