Blockchain wine labels are being developed for high profile wineries as a defence against the counterfeit industry, which results in an estimated annual loss of £220 million for the UK economy.
The London-based technology company Everledger has partnered with Avery Dennison, a labeling and adhesive specialist, to create wine labels that can be tracked using technology. Each wine label created with this smart technology will have a unique digital identity that can be traced, providing transparency for both the buyer and the seller, while recording valuable data for the wineries. A simple scan of the label from one's near contact-enabled smart phone or device will reveal a landing page that's complete with the wine's history, proving its authenticity to the buyer, and offering valuable insight on the wine's journey for the producer.
Blockchain Wine Labels
Everledger is Using Smart Technology to Fight the Counterfeit Wine Industry
Trend Themes
1. Blockchain Wine Labels - Using blockchain technology for wine labels presents an opportunity to combat the counterfeit industry and provide transparency for buyers and sellers.
2. Smart Technology Tracking - Developing smart wine labels with unique digital identities allows for easy tracking and valuable data collection for wineries.
3. Transparent Wine Purchasing - Implementing smart labels enables buyers to access a wine's complete history, ensuring authenticity and providing valuable producer information.
Industry Implications
1. Wine Production - The wine production industry can use blockchain wine labels to protect their brands, combat counterfeits, and build consumer trust.
2. Technology and Data Analytics - Companies in the technology and data analytics industry have a disruptive innovation opportunity to develop smart label solutions and provide valuable insights for wineries.
3. Labeling and Adhesive Manufacturing - Labeling and adhesive specialists have the potential to tap into the growing market for blockchain wine labels by partnering with wineries and technology providers.