Symbol from NEM is making wine business profitable again by creating a solution that will stop middlemen activities that reduce the quality.
Many people have refused to join the wine industry while some have pulled out because their products were often adulterated or stolen. That may soon change as Symbol from the NEM ecosystem is creating a solution. NEM made this known in a blog post on July 4.
Symbol’s blockchain solution for wine monitoring claims to be capable of handling several transactions per second. This means makers of wine can monitor what’s going on with their raw materials from the point of production to where it is finally delivered.
Data privacy and confirmation at several points
Symbol says it has also tried to solve data privacy issues at the same time by using a hybrid blockchain solution. Buyers, distributors and sellers won’t have problems anymore.
Symbol’s wine tampering solution also makes the winemaker capable of cancelling a transaction anytime along the distribution line. Before the transport partner receives payments, the originality of the products will be confirmed first by all those that receive the wine:
“This allows the producer or grower to engage in comprehensive blockchain backed financial agreements, and make use of staggered payments using multi-signature accounts, while being supported by a state of the art blockchain that can provide verification results in real time.”
Apart from the transporter, Symbol will also take its solution to the retail shop so that consumers can also verify the originality of the product.