1887 Founded Co. to Launch Whiskey Blockchain Tracker From Source to Store to Fight Counterfeiting
The blockchain technology is set to unite the future and the past. Now, one of the most traditional companies in the liquor sector, Ailsa Bay, which is owned by William Grant & Sons, a liquor company founded in 1887 with yearly revenue of over $80 million USD, will use it to track its products.
According to the official announcement, this will be the first time ever in which a company will use the blockchain technology in order to track scotch whiskey. The company has partnered up with Arc-net in order to make this a reality. The companies will develop a tracking system together which will track the whole process of distilling and shipping the products.
This way, no part of the process will be left out of sight and all the problems which may appear during the production and shipment of whiskey manufactured by the company will be diminished, which is set to optimize the production.
One of the main problems that will be solved with the measure is liquor counterfeiting, which is a serious problem in the United Kingdom, where the products are created and sold.
According to a study, the country loses over $288 million USD in counterfeited wine and spirits every year, so a blockchain like this would an interesting way to solve the problem at least partially.
Using The Blockchain To Track Luxury Products
Several companies are currently using the blockchain technology in order to track their products in a more efficient manner. Especially in the industry of luxury products, the certification is an important part of the process, so it important to ensure that authenticity of the products.
For instance, several firms are tracking diamonds and other luxury items like jewelry using the blockchain, which can also ensure the authenticity of the product if the person who bought the item wants to sell it again.