The Italian Ministry of Economic Development has reportedly already invested over Euro 40 Million into Blockchain projects, as Italy now looks at using the technology in its wine industry to see how it can bring more transparency to products. In particular, fraud in the wine industry is a real challenge, and this has encouraged Ernst and Young (EY), to use Blockchain technology to help vineyards via its EY Ops Chain, originally launched over two years ago. It is estimated that the Italian wine industry loses over Euro 2 Billion due to wine fraud and counterfeits. Everledger, which brought greater transparency to the diamond industry, is now turning its attention to the wine industry by using Near-Field Communication (NFC), tiny silicon chips, within labels and corks. These can then be detected, and the bottle’s provenance and wine can be traced, therefore giving consumers confidence they are buying wine as stated on the label.
The adoption of the distributed ledger technology (DLT) continues to spread in different major sectors such as tourism, agrifood, textile, and many others.