VET/USD market overview: VeChain expands reach into China’s wine imports industry, price falls after short-lived recovery
|- The VeChain Wine Traceability Platform was launched last year in collaboration with a major Chinese importer.
- There has been a 10% increase in sales following VeChain platform integration.
As per an announcement, Penfolds Bin-407 bottles are now available at three locations, tagged and powered by VeChain’s Wine Traceability Platform. Penfolds happens to be one of Australia’s oldest and most iconic wineries. The VeChain Wine Traceability Platform was launched last year in collaboration with D.I.G, Shanghai Waigaoqiao Direct Imported Goods Co., Ltd., a major importer in China.
The main purpose of the Platform is that it authenticates the origin of each bottle and stems the flow of counterfeit products. As per reports, counterfeit Penfolds accounted for over $1 million in sales in 2017 in Shanghai and over $2.8 million in fake bottles in Zhengzhou.
D.I.G. pointed out that a following the platform integration, there has been a 10% increase in sales. This shows that VeChain’s solution has given a positive boost to customer trust.
“By reading the NFC chip, customers can access the relevant wine bottle’s immutable product information stored on the blockchain, including provenance information verified by independent auditors such as DNV GL.
With the VeChainThor Blockchain technology and the WTP platform, Penfolds and similar wineries can now make it less likely for their products to be counterfeited while allowing consumers to form more in-depth insight into the product, enhancing their confidence and trust.”
VET/USD daily chart
Following the news, VET/USD finally had a bullish day after six straight bearish days. This Thursday, the price of the asset went up from $0.0049 to $0.0052, where it met, achieving a high of $0.0058. Unfortunately, the bulls lost steam and the price went down to $0.0048 in the early hours of Friday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.