NEM-Based Blockchain Project Symbol Launches Wine Supply-Chain Management System

NEM's Symbol aims at ending the loss of millions of dollars through counterfeiting and fraud within the wine industry.

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.

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James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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