VeChain (VEN) Leads Shanghai Wine & Liquor Blockchain Alliance For Product Traceability System
Thanks to the guidance of two governmental bodies: The Shanghai Municipal Commission of Commerce and the Shanghai Liquor Monopoly Administration. VeChain and eight other bodies within the government and enterprises have successfully formed the Shanghai Wine and Liquor Blockchain Alliance.
The intended aim of this alliance is to further promote the cause of China's national strategy ‘to complete product quality traceability system by 2020'. The SWLBA will oversee the development of an interconnected, cooperative platform for the sharing of research and development within alcohol production companies, alcohol trading enterprises and technology providers in Shanghai.
The ultimate aim is to enhance the level of logistics management, quality and safety retrospective systematization, and ensuring a level of regulatory self-discipline for Shanghai's liquor industry. These goals will effectively create a robust, thoroughly modern framework for the industry moving forward.
Shanghai, in particular, is well positioned to become a leading force in the world for blockchain technology and traceability for alcohol. Allowing for the region to finally clamp down on counterfeiting which otherwise harms the industry.
The Alliance is tasked as well with the development of the Shanghai traceability system for the first China International Import Expo. For its early stages, the system will only be provided for approximately 500 retail outlets in the local Shanghai region.
Providing it's successful in these preliminary stages, it's expected to be rolled out gradually across the country. President Xi Jinping has been an active proponent of innovation within the field of blockchain, especially when considering the International Import Expo; which is expected to commence in November:
“It's not just another expo in an ordinary sense. But a major policy initiative and commitment taken of our own accord to open up the Chinese market.”
Director of the Shanghai Bureau of Alcoholic Bureaux Regulatory, Qi Qilong expressed high hopes for the Alliance in its ability to regulate the area of alcohol and Liquor:
“I hope that the coalition will exert its strength to create new heights for Shanghai alcoholic beverages and promote innovation and the construction of the ‘four major brands' in Shanghai. During the China International Import Expo, foreign friends will be presented with new models and new services for alcoholic drinks.”
The director continued on to stress his vision of a secure and high-quality system.
“By applying blockchain technology to mid and high-end wines, which consists of more than 50% of Shanghai's imports, consumers will be effectively protected. This process personally allows users to discern the ‘Wine of the West' brands and will coincide with the verification processes the Shanghai Wine and Liquor Blockchain Alliance, tags and brand represented on each bottle. This digitized path will greatly enhance consumer confidence.”
Founding members of the SWLBA
The SWLBA's core founding members are highlighted as the Business Information Center of Shanghai, VeChain, D.I.G., and Shanghai Jieqiang Tobacco Sugar and Wine Group.
The Business Information Center of Shanghai has been a leading developer and leader in collecting, analyzing and reporting business information. With its extensive reach, the Business Information Center will provide an effective net to provide effective network coverage for the Alliance.
The additional founding members also consist of:
- DNV GL
- Wine Owner of Shanghai Enterprise Development Co.
- Shanghai Tianbang Wine Co. LTD
- Shanghai Wine Product Quality Inspection Center Co. LTD.
- Shanghai Haoze Trade Co. LTD
- Beijing Winsellsong Software Company
- Shanghai Founding Enterprise Management Co. LTD.