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Blockchain is involved in the wine supply chain business

July 6, 2020

Manipulation, theft and counterfeiting have caused the wine industry losses in the millions. Symbol, a blockchain project of the NEM ecosystem, now offers blockchain technology amid more fraud in wine productionAccording to a blog post published on July 4th by NEM.

According to reports Symbol developed a blockchain solution It can track and review a large number of transactions per second. This can help winemakers and winemakers to keep track of their raw materials and products at every stage production and distribution.

Data protection and verification of multiple signatures

A hybrid blockchain solution was also integrated to solve the problems of Data protection with all parties involved such as buyers, dealers and sellersSymbol says.

Blockchain is involved in the wine supply chain businessBlockchain is involved in the wine supply chain business

To counteract transport manipulation, winegrowers can also conclude “disposable” intelligent contracts. Remaining payments can only be settled with the transport partner if the products can pass the verification and confirmation of authenticity and quality all over. It was stated that:

“This allows The producer or cultivator participates in comprehensive financial agreements that are secured by a blockchain and take advantage of tiered payments with multi-signature accounts while supported by a next-generation blockchain can provide real-time verification results“”

Symbol plans too Integrate the verification process with retailers and consumers Achieve greater transparency across the supply chain.

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