Alcohol is as old as man himself and brands come tagged with different prices but one thing is for sure, you cannot miss fake booze in the market. The beer market is highly lucrative and in the UK alone the value of alcoholic drinks hit a high of £54million in 2018. This is after losing £218million to counterfeit wine and spirit brands.
According to the European Union’s Intellectual Property Office (EUIPO) 30% of all alcoholic drinks take globally is fake. The hard part to fathom is the counterfeits target high end drinks. If you frequent high end drinking joints, you can see what you expose yourself to.
Blockchain Brewing Fighting Counterfeit Booze
Using blockchain, industry players are now able to trace the origin of drinks that you consume. With the technology, your alcoholic drink can be easily traced from the farm to your table. Thanks to BockChain from TE-FOOD. Industry players can trace the product from the ingredient level to the point-of-sale.
Blockchain ensures that there are no weak points in the supply chain where fakes can be added into the system. Products are coded and each has a unique code that cannot be imitated or faked. Consumers can race their favorite drink from the farm to their table and you should if you are health conscious.
Counterfeit Fight Going Global
Blockchain is not only saving the beer industry; other sectors are also using it to fight fake products in the market. Diamonds and other valuables are also being guarded by the new technology.by use of intelligent tagging on products; it is hard to decipher the coding. With the technology, you can tell when the wine ingredients where harvested, processed and bottled.
The fight against the vice has also shifted base to apparel and footwear industries where Near Field Communication (NFC) and Ultra High Frequency (UHF) technologies are coming to play. At the rate the technology is getting adopted, fake booze, clothing and food will be a thing of the past soon.
If you are the type of consumer always looking for cheap products, think twice. The blockchain technology is about to catchup with you. The information gap in the supply chain is narrowing and fake maters are getting exposed.
