CRYPTO MIGHT BE in winter, but blockchain technology in the hospitality space keeps growing and evolving. There is an increasing number of opportunities that blockchain technology provides the hospitality industry — notably the restaurant world.
Blockchain and NFTs could revolutionize supply chain transparency. There are companies, like EZ Labs, that only focus on blockchain solutions — with no cryptocurrency — that give ways of tracking the exact origin of sourced parts in the supply chain to offer security in the finished project. This is tracked on the blockchain so it can’t be falsified. Penfolds is already using this technology for its export of wine to China; wine can be traced on the VeChain blockchain platform. EZ Labs is another example of a blockchain wine-tracking company.
Almost like a certificate of authenticity (but one that can’t be faked), blockchain technology can track and monitor every part of the process, from when it’s picked, bottled and shipped to when it arrives. The touchpoints it moves through are all followed on the blockchain. This is a way of really making sure that the process is secure every step of the way. With 25.8 percent of bottles suggested to be fake according to the Euromonitor 2018 global study on illicit alcohol, it is even more important than ever to make sure the product is genuine. But I think this can go even further.
There are some areas of wine investment that are still woefully behind the times in terms of systems and processes. Legacy systems tend to remain very old-school with big companies doing trading for you. Your wine holding really only exists on paper with faith to the holder. Blockchain technology could give individuals more transparency on their holding and help reduce the risk of fraud.
Continue reading: https://www.rollingstone.com/culture-council/articles/how-blockchain-technology-changing-the-face-of-hospitality-1234579479/
Blockchain and NFTs could revolutionize supply chain transparency. There are companies, like EZ Labs, that only focus on blockchain solutions — with no cryptocurrency — that give ways of tracking the exact origin of sourced parts in the supply chain to offer security in the finished project. This is tracked on the blockchain so it can’t be falsified. Penfolds is already using this technology for its export of wine to China; wine can be traced on the VeChain blockchain platform. EZ Labs is another example of a blockchain wine-tracking company.
Almost like a certificate of authenticity (but one that can’t be faked), blockchain technology can track and monitor every part of the process, from when it’s picked, bottled and shipped to when it arrives. The touchpoints it moves through are all followed on the blockchain. This is a way of really making sure that the process is secure every step of the way. With 25.8 percent of bottles suggested to be fake according to the Euromonitor 2018 global study on illicit alcohol, it is even more important than ever to make sure the product is genuine. But I think this can go even further.
There are some areas of wine investment that are still woefully behind the times in terms of systems and processes. Legacy systems tend to remain very old-school with big companies doing trading for you. Your wine holding really only exists on paper with faith to the holder. Blockchain technology could give individuals more transparency on their holding and help reduce the risk of fraud.
Continue reading: https://www.rollingstone.com/culture-council/articles/how-blockchain-technology-changing-the-face-of-hospitality-1234579479/
