Cardano To Change The Way Alcoholic Industry Fights Counterfeit Products
The ongoing Cardano Summit as earlier reported has been a hub of activities, from an array of partnership deals with DISH, Chainlink, COTI & Ardana among others to product unveils.
One of the most significant developments is that Australian spirits luxury brand Strait Brands has entered into a partnership with Cardano which will see the Atala PRISM, a digital identity solution by Input-Output, deployed to keep track and store data securely as well as instantaneously authenticate the backgrounds of the alcohol brand’s merchandise through blockchain technology.
The beverage company, which aims at delivering at least four million bottles of its assorted drinks before the end of 2022, is the first of its kind to embrace such kind blockchain technology to streamline production and sales in its field.
Confirming the partnership during the ongoing Cardano Summit, Philip Ridyard, the founder and Managing Director of strait Brands said;
“Strait Brands is embarking on large-scale international distribution and, conscious of the challenges the industry faces, we decided to take a blockchain-first approach to production, ensuring industry-leading levels of safety and verifiability in our supply chain-Input Output is an essential partner in Strait Brands’ pioneering movements in the alcohol industry, protecting the integrity of Strait vodkas, gins, and our new super-premium range, Badger Head.“
The move according to Strait Brands founder was necessitated by the need to curb the perennial problem facing the alcoholic beverage market which sees over $40 billion worth of counterfeits and mislabelled substituted or diluted products make their way to unsuspecting customers affecting revenue growth as well as endangering consumers’ health.
Atala PRISM set to ease user experience and improve product authenticity
Through the deployment of Atala PRISM, Strait brands will now be able to enjoy cutting-edge technology that enables them to control their own and verify their products with anyone and when they want through simple gadgets such as mobile phones.
Input-Output, a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all, aims to use Atala PRISM in deploying a customizable mobile application that allows consumers to authenticate products ensuring a seamless user experience.
Atala PRISM also offers a decentralized alternative to the issue of digital identity, empowering the individual to control, own, or verify their credentials anytime, anywhere. Leveraging blockchain, individuals are able to gain back control and ownership of privacy giving them the freedom to share their data with whoever they choose via mobile phones.
Furthermore, Atala PRISM provides a better framework for validating credentials enabling businesses to promptly verify digital records without the need for third-party interventions. This technology is expected to build and retain customer trust and confidence by enabling them to manage and control how their data is used.
To commemorate the new deal, Phillip Ridyard confirmed that Strait Brands will be releasing a limited production of spirits.
Read more: https://zycrypto.com/cardano-to-change-the-way-alcoholic-industry-fights-counterfeit-products/
Text source: ZyCrypto
