Blockchain platform used to guarantee product authenticity

Zhenjiuku, a blockchain-based digital trading platform for geographical indication products, signed a deal with JD Logistics, China's leading e-commerce logistics service provider, on Friday.

"GI products are goods originating in a specific region or locality, which are famous, rare and of good reputation. Rice produced in Wuchang, Heilongjiang province, and crabs from Yangcheng Lake in Jiangsu province are two famous examples," said Zhao Wei, secretary of the blockchain special committee of the China Intellectual Property Development Alliance, in his remarks to mark the signing.

"Only those authentic goods directly provided by the manufacturers at origin, mainly Chinese liquor products, can be stored on the platform," Zhao said. "Consumers don't have to distinguish the genuine from the counterfeit and the true value of GI products can be well recognized."

Zhenjiuku is presenting a new and innovative consumption pattern, said Liu Gang, head of the Alumni Entrepreneurial Association of School of Economics and Management at Tsinghua University, adding that it is a good application of blockchain technology.

The platform provides a token-based service, central to blockchain technology, that converts liquor or luxury products into immutable and unhackable data.

Zhou Jun, general manager of Zhenjiuku, said consumers can buy a token for a certain Chinese liquor product and then sell it when its value rises, with the entire process being handled within the platform.

"It doesn't require any prerequisite knowledge or wine tasting," said Zhou, adding that it is a transparent platform which tracks and traces online purchases.

It is Zhenjiuku's first foray into Chinese liquor products in partnership with JD Logistics.

"The partnership with Zhenjiuku will result in more high-end products at JD. It will also help the existing logistics system to become more efficient and smarter at each step," said Gao Feng, market director of JD Logistics.

Several renowned Chinese liquor companies attended the signing ceremony, including Guizhou-based Kweichow Moutai Group, Sichuan-based Langjiu Group and Ningxia-based Hedong Group. Among them, Wang Mao liquor, owned by Jiangsu Jingsai Liquor Development, became the first liquor product to sign up to Zhenjiuku's platform.

"Liquor products come first and high-value commodities like tea will follow," Zhou added.

Yuan Bin, chief operating officer of Wang Mao liquor, said Zhenjiuku provides an endorsement for high-end consumer brands through careful product selection and a guarantee of trace ability.

"This platform answers the nation's call for GI products protection and will make a change," Yuan said.

yinruowei@chinadaily.com.cn

(China Daily 07/11/2019 page17)