Chinese web giant Sina Corp and Sichuan-based alcohol producer Wuliangye Yibin have actually revealed they have actually struck a brand-new tactical cooperation that will enable them to tokenize high-end baijiu, China’s most popular conventional alcohol.
Per a state media report, alcohol drinkers and collectors can now purchase and trade tokens backed by Wuliangye baijiu items utilizing blockchain-powered purchasing platform Zhenjiu.
The Chinese high-end market has actually been hurrying to welcome blockchain technology, and likes appealing consumers traceable and immutable items. The technology is being utilized by business that wish to ensure the credibility of costly products and antiques.
Sina Corp, the operator of popular Chinese microblogging website Sina Weibo, states that it is amongst the first business in China to release an online retail platform of this kind.
Per a description on the business’s website, the liquor-backed non-fungible tokens (NFTs) are called Wuliangye Digital Alcohol Tokens. They are currently priced at around USD 197.45 each and are pegged to the worth of Wuliangye alcohol.
Details on each bottle of baijiu– consisting of information on bottle origin and transfer of ownership– is saved on a decentralized digital journal. Each bottle comes with a digital certificate of credibility.
The business anticipates its baijiu sales to go beyond USD 0.7 billion when the effort launches on a blockchain-based online retail platform run by blockchain and big information services business Chengdu Shangtong Times Digital Technology The business, which is moneyed and bred by Sina Corp, will manage and handle the Wulianye alcohol tracking platform’s operations.
The cooperation effort will open brand-new market chances, the Shenzhen-listed baijiu seller stated. Wulianye has actually been attempting to increase its international existence to contend with its competitor, the alcohol giant Maotai
In 2015, a bottle of aged Wuliangye was cost auction for around USD 183,132
In China, the trading of cryptocurrencies is still prohibited, however blockchain and tokenization are growing progressively popular.
In July in 2015, Chinese alcohol wholesaler Oranco declared that it had actually begun evaluating blockchain-powered anti-counterfeit services.
On the other hand, previously in in March, EY Japan, among the nation’s “big four” accountancy companies, stated it will debut a blockchain-powered traceability platform for manufacturers, suppliers of Japan’s preferred alcohol, sake.
Learn more: Food Producers Need To Utilize Blockchain to Recover Customer Trust – Report