Article: How blockchain can cut down fraud in the wine industry

Blockchain, Innovation

How blockchain can cut down fraud in the wine industryHow blockchain can cut down fraud in the wine industry

“Unfortunately, buyers in nascent markets are not as knowledgeable of what to ask about or look for with provenance, nor any aspect of wine authentication, leaving this market a prime target for counterfeiters and those selling counterfeits.” Maureen Downey, an expert on fake wine, told Forkast.News. “As much as 50% of the fine wines in China are believed to be fake.”

But supply-chain verification and authentication through blockchain technology are now trying to cut down on wine fraud — which experts estimate is a billion-dollar industry.

“Wine is something to be aged, cellared, and is often a generational hobby,” Downey said. “To track it, we need something that can stand the test of time, and blockchain is the only thing that we’ve seen that will even come close.”

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Article: Alibaba’s Ant Leads The Way Globally In Blockchain Patents

Blockchain

Alibaba’s Ant Leads The Way Globally In Blockchain Patents

Ant Group, the financial technology affiliate of e-commerce giant Alibaba Group Holding Limited (NYSE: BABA) retained its spot as the largest holder of blockchain patents in 2020, according to a report by International Asset Management that cited data from Clarivate’s Derwent World Patents Index or DWPI.

What Happened: Research published by IAM showed that Ant Group retained its top spot on the index, which aggregates patents filed for both quantity and quality, CoinDesk first reported. The rankings are dominated by Chinese companies, which lead the way in terms of blockchain patent filing volume.

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