The whiskey market is about to get a lot safer as William Grant & Sons have teamed up with Arc-Net to release a limited edition whiskey that will be tracked via blockchain, as reported by The Drinks Business, March 27, 2019.
Staying on Track
While counterfeiting exists in all forms, there are certain industries that are more prone to them than others such as the precious metals industry and of course, the whiskey industry.
Various attempts have been made over the years to stop the actives of counterfeiters, who cost manufacturers billions of dollars each year. Now, the industry has a new secret weapon in that fight; blockchain.
William Grant & Sons, a giant in the spirits industry, announced on March 26, 2019, that they have teamed up with Arc-Net, a blockchain company, to create a limited edition series of their Ailsa Bay scotch whiskey brand that will be registered on, and tracked by blockchain.
How This Will Work
According to William Grant & Sons, the purpose of this partnership is to “capture the full distilling and manufacturing process, allowing customers to track their whiskey from source to store; ensuring authenticity and traceability.”
The whiskey will be distilled in hudson whiskey casks and after this is done, the distillery will collect all the relevant information regarding that batch such as cask types, filling dates and bottling dates. After this, the data will be uploaded to the blockchain and managed by Arc-Net.
By having this information stored on the blockchain, customers will be able to track and access the information of the bottle that they are buying and know for sure that it is an authentic William Grant & Sons product.
William Grant & Sons will also be able to use the blockchain to collect data about her buyers such as the locations the whiskey is being sold at. Through this, they can determine, in real time, where their demand is higher as well as track buying patterns.
It is no surprise that the whiskey industry seems to be taking note of the benefits of blockchain as they suffer greatly from counterfeiting.
According to a report by the European Union’s Intellectual Property Office (EUIPO), the United Kingdom’s economy Losses over $100 million each year due to counterfeit wines and spirits. In 2016, bottles of whiskey valued at over half a million dollars were removed when they were found to be fakes.
Needless to say, this practice, is successful, is bound to catch on.
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