Today, blockchain provenance company Everledger launched anti-tamper bottle closures powered by blockchain technology. Just seven months ago, the startup received $20m in a Series A funding round from Tencent, Fidelity and others. The smart closures solution is targeted at the wine and spirits industry to prevent counterfeiting.
It is estimated that counterfeit alcohol costs the global industry about $3 billion every year. On the other hand, it also affects the brand value and trust of consumers. One estimate is that for every real bottle of French wine in there is a fake bottle.
Leveraging blockchain, Everledger aims to protect wine and alcohol brands from fraudsters and ensure quality control through transparency.
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