VeChain Shines Championing Sustainability and Transparency with MyStory Digital Product Passport for Wine Production

• DNV will leverage VeChain’s Wine Traceability Platform to bring sustainability and transparency in the wine production ecosystem.
• To keep track of the entire life cycle of wine right from wineries to distributors, VeChain leverages the power of blockchain, IoT devices, as well as mobile devices.

The VeChain blockchain network has found its application in multiple industrial use cases and this time VeChain has found itself addressing the sustainability and transparency issues in a wine production process.

The wine production industry has been marred with carbon footprints, and as a result, the factors of maintaining transparency and sustainability have become of prime importance. DNV, which focuses on offering sustainable food systems and supply chains recently shared its MyStory digital product passport at the London Wine Fair 2023.

They also showcased how their wine production carbon footprint calculator works along with the importance of taking sustainability and transparency into account during the wine production process.

VeChain x DNV x London Wine Fair 🍷

DNV is at #LWF2023 touting their #MyStory digital product passport and the importance of taking #sustainability and #transparency into account during the wine production process. 👏#CertifiedByDNV ☑️#RunsOnVeChain ⛓️#VeChain $VET #VeFam pic.twitter.com/TsSneQUlMg

— eisenreich (@eisenreich) May 17, 2023

The reason behind choosing VeChain could be considering its past experience in dealing with the supply chain issues of the wine industry. The major challenge for authentic wine producers is to prevent counterfeit products from entering the market. Over the past few years, there have been many cases of wine fraud happening in some of the biggest markets such as China.

VeChain’s Wine Traceability Platform

Blockchain network VeChain launched its Wine Traceability Platform back in June 208 built atop the VeChain ToolChain, a revolutionary one-stop BaaS platform designed by VeChain. To keep track of the entire life cycle of wine right from wineries to distributors, VeChain leverages the power of blockchain, IoT devices, as well as mobile devices.

Here, each wine bottle is tagged with encrypted NFC tags specifically designed for wine products. By utilizing the N.F.C. chip, customers have the ability to retrieve immutable product information of the respective wine bottle directly from the blockchain. This information includes verified provenance details, audited by independent parties. Through this approach, wineries can effectively combat counterfeit products, while empowering consumers to gain a deeper understanding of the product, thereby bolstering their trust and confidence.

VeCgain’s Wine NFT Solution

Earlier this year, VeChain partnered with Laava to showcase its wine NFT solution at the world-leading wine trade fair Prowein.

In the previous year, XP.NETWORK, a renowned firm focusing on constructing cross-chain bridges for NFTs, unveiled its plans to establish cross-chain NFT capabilities on the VechainThor platform.

During the evaluation, it was noted that NFTs commonly face the issue of high costs during transfer or minting. However, an interesting discovery was made regarding VeChainThor’s capability to regulate gas costs through its two token models. This feature ensures that costs remain within an acceptable range, addressing the challenge of excessive expenses.

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