Symbol, an enterprise-focused blockchain project developed by NEM, is looking to tap into the Wine supply-chain business and help the industry save millions caused by tampering, theft, and counterfeiting every year.
Symbol would develop a blockchain-based supply chain management system to keep a check on the growing scale of fraud in the wine industry. The blockchain system is rumored to be quite capable and can process a large number of transactions every second.
Symbol's system would keep track of every aspect, from the raw fruits being harvested on the grounds until the wine is made and delivered to the supermarket and retail shops. The blockchain would put extra emphasis on the privacy issues concerning buyers, sellers and distributors. To address this, another hybrid blockchain system will be integrated into the main blockchain.
The blockchain solution would implement smart contracts to counter tampering during transportation. The final payment settlement is complete, only if the delivered product meets all the quality and authenticity checks. The firm also explained the need for such a robust system and explained:
“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.”
The NEM project is also planning to integrate a verification process for retailers as well as customers to ensure the end product being delivered to them is genuine.