Oranco, which markets and wholesales alcohol in China, is testing its blockchain-based anti-counterfeiting laser recognition proprietary technology.
The Utah-based company, through its wholly-owned subsidiary Fengyuang Huaxin Liquor Development, in August 2018 partnered with blockchain firm Guangzhou Silicon Technology (GSTC) to develop the solution for the identification and anti-counterfeiting of Oranco’s premium alcoholic beverages.
Fengyuang Huaxin and GSTC agreed to build together a mechanism that features blockchain technology’s characteristics such as uniqueness, data tampering protection, and transaction traceability. Oranco believes that the solution will increase the value of its collectible product lines.
Under the Agreement, GSTC shall verify the authenticity of the Oranco premium products, making sure that they are not altered or replaced through physical means.
GSTC will then use the solution to create irreplaceable digital IDs on a blockchain for each of Oranco’s premium alcoholic beverage product.
“We believe the verification capabilities of blockchain will enable us to credibly assure the origins and authenticity of our premium alcoholic beverages,” said Peng Yang, president of Oranco.
“This technology (which is now on its test stage) will assure the authenticity and further build the value of our premium products,” he said.
