VeChain to showcase wine NFT solution at Prowein 

• VeChain and its partner appear at the Prowein event in Dusseldorf.
• The company also participated in the Vinexpo America | Drink America” on March 9.

Prowein is a world-leading trade fair for the wine and spirit industry held once a year in Dusseldorf. This year’s program is taking place in a space of three days from March 19 to Tuesday, March 21, 2023. As reported by local media, the exhibition would have over 6000 exhibitors from 61 countries partaking. To ensure that there is a professional atmosphere, about 500 master classes, and events would be organized. According to reports, Tom Morris, Business Development Manager at VeChain Tech is participating in the event to showcase the Wine NFT solution. Morris was also joined by VeChain’s partner, Laava, which is an Australian technology company.

VeChain x Laava ⛓️

Tom Morris, Business Development Manager at VeChain Tech, and @laava_id participated in @ProWein 🇩🇪, showcasing their #wine NFT solutions. 🍷#VeChain #Tech $VET #VeFam #Blockchain #ProWein2023 #WineBusiness #Sustainability #ProWein #Technology #NFTs pic.twitter.com/tVgzwguVF2

— eisenreich (@eisenreich) March 20, 2023

As a layer-1 enterprise blockchain ecosystem focused on supply chain tracking, the VeChain ecosystem is particularly fit for creating NFTs that connect digital with physical products using NFC, and IoT technologies.

Between March 8 and March 9, VeChain also participated in the “Vinexpo America | Drink America.” Over there, the company networked with the wine community and showed their proprietary encrypted NFC chips and how it can help their business. These NFC chips enable users to track and authenticate their products with the supply chain. This assists customers to receive genuine products and ensure that all risk of counterfeit products entering the market is eliminated. 

By leveraging our NFC and blockchain technology, businesses can enable their customers to verify their authentication by simply scanning the product with their mobile devices. VeChain NFC chips are designed with security in mind, and the data on the chip is encrypted to prevent unauthorized access.

VeChain and some known partnerships

Recently, a leading IT service management company in Canada, Micronation inc. successfully built a proof-of-concept with CBD traceability using the VeChain blockchain as a service platform. The VeChain ToolChain enabled the company to integrate GS1 US standards for product identification and traceability. This is said to be a very interesting example of how the blockchain can transform the cannabis and medical substance industry. 

At VeChain, we understand the importance of ensuring product quality and 50 in this industry. That is why we have designed VeChain ToolChain to be a flexible and customizable solution that can meet the unique need of any supply chain. With VeChain ToolChain, companies can track products from farm to the table ensuring transparency and accountability at every step of the way. 

Last year, XP.NETWORK, a company that specializes in building cross-chain bridges for NFTs, announced that it would be building cross-chain NFT capabilities on the VechainThor. 

It was observed that NFTs have a common challenge of high cost in transfer or minting. Interestingly, VeChainThor was found to have the ability to control the gas cost with its two token models. This ensured that cost stays within an acceptable parameter. 

VeChainThor blockchain, XP.NETWORK also helps prevent NFT markets from becoming elitist, by offering an alternative to bloated and expensive fees that prevent users from being able to participate in the emerging NFT economy.

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