VeChain, a Shanghai-based blockchain startup, is testing a blockchain application to verify of the wine supply chain and fight counterfeits, South China Morning Post reported May 24.
The Chinese wine industry is worth $2.8 bln, but according to the South China Morning Post, aphorisms such as “the Chinese gulp down more ‘French’ wines than France makes” and “at least half of the Chateau Lafite-Rothschild consumed in China is fake,” have weakened public trust in the quality of the product.