Follow along as Valkyrie's Head of Portfolio Management, Bill Cannon, highlights a notable "byte" from the markets each week.
Blockchain, beer, and wine could be a relationship that was always meant to be. Supply chain transparency on quality control and fraud have been resolved by the blockchain, and using smart contracts as digital stamps provides clarity on the entire process, from farm to bar. Now with the Merge completed last week, transactions verifications will take even less time allowing better response time when answers are needed.
Blockchain provides assurances about quality, ethical trade practices, and efforts to reduce carbon footprints. Using blockchain’s distributed ledger technology, businesses can collect all the relevant information about an end product as it makes its way through its supply chain in a trusted, traceable, and automated way, without the support or intervention of a centralized authority.
Italian brewer Peroni uses a field to bottle approach placing a digital stamp on each batch of beer produced, where consumers can see for themselves using a QR code the process and journey of the delicious beverage they are enjoying.Wine fraud, unauthorized sale of a lower product as a fine wine, costs an estimated €1.3 billion annually, of about 3% of total sales.
Unfortunately, there are many points in the production and distribution channels that call for security and traceability. By simply adding a QR code, information about a wine bottle's whole life cycle in a manner that is transparent can be presented. Please read about both innovations helping the industry get their products fresh to consumers.