South Korea’s Largest Blockchain Project and Luxury Goods

There are many fake products on the market. Sometimes it is quite hard to distinguish between products produced by companies from fake products. Furthermore, companies are struggling to protect their products. As a result, they lose a lot of money due to the products produced without their consent. Unfortunately, it takes a lot of time to cope with such cases.

A gin distiller from Austria decided to use blockchain to guarantee bottles’ rarity as it will be easier to protect their products.

It is worth mentioning that, the gin distiller plans to use South Korea’s largest blockchain project ICON, to transparently track its supply chain.

Moreover, an Austrian blockchain firm, block42 will combine near-field communication (NFC) technology with the ICON blockchain. Consequently, it will be possible to maximize the security of the tracking system.

Blockchain and new opportunities

When the customer pays a lot of money for high-quality gin, they want to know the details. Importantly, blockchain can support the reliable documentation nad circulation of luxury goods.

Importantly, NFC chips and devices function as electronic identity documents and keycards. They are currently used in contactless payment systems and mobile payment services that replace credit cards.

Interestingly, for the gin distiller’s supply chain, block42 will be fitting 999 bottles of the distiller’s limited-edition gin with crypto-enabled NFC chips. Consequently, customers will be able to scan bottles to check their authenticity. This is not the end of the story. It will be possible to track the total number of bottles still available in the limited edition series.

Thanks to the blockchain project ICON, the gin distiller has the opportunity to protect its products. Furthermore, technology can offer a key way when it comes to preserving the high value of limited editions as well as other rare goods.

As can be seen from the example of an Austrian-based gin distiller, it is possible to guarantee the quality of the products thanks to blockchain.