Counterfeits affect every industry across the globe, and for William Grant & Son it’s costing them millions. However, in a bid to help save its revenue stream having been in operation for decades in the drinks business, William Grant & Son is now working with blockchain firm Arc-Net to use blockchain technology to fight counterfeits.
Per information on liquor based website The Drinks Business, William Grant & Son is set to use blockchain to track its premium Scotch whisky brand Alisa Bay movement from manufacturing to the time it hits the market and gets sold. In detail, the blockchain system will help WG&S get data through the use of a location system. The latter will help WG&S gather info the moment their whisky brand Alisa Bay reaches the market. The data will help improve service delivery. Alongside helping gather data from potential and existing customers, the blockchain system will help curb counterfeiting through tracking the products starting from the manufacturing process, distilling and storage.
Tracking System in Place
For consumers, blockchain makes it easier to ensure products in the market are authentic since the blockchain ledger will contain bottling dates together with the filing date and cask types used. Alisa Bay is stored in small Hudson whiskey casks to undergo maturation. Through the latter data, consumers can track the products easily ensure they are authentic and get rid of counterfeits.
Other Firms Using Blockchain to Fight Counterfeits
Still, in the UK, London based tech firm Everledger is leveraging blockchain technology to track the provenance of valuable products together with diamonds and went into a partnership with Avery Dennison in January to create digital wine labels. The labels will come in handy at helping track products in the market. In addition to the above, stakeholders in the diamond and gold industry went into a partnership with IBM to develop a blockchain solution to help track the origin of finished products in their industry. Similarly, across borders in Russia, a blockchain solution is also being used to track diamonds.
